Since the reform and opening up，China's financial industry has gone through a series of reforms and has achieved great development。Existing research indicates，Financial development has a promotion effect on economic growth，At the same time，The negative impact of financial fluctuations on economic fluctuations cannot be ignored，Especially the impact of financial fluctuations on the high -quality development of manufacturing。The high -quality development of the manufacturing industry with financial stability is one of the important performances to improve the financial system to serve the real economy capabilities。

Economic growth and economic stability are two important issues in modern macroeconomic operations，Financial development is closely related to these two，As a result, it has become the core issue of attention in modern economic research and economic development planning in various countries。Finance has a profound impact on economic operation，Financial institutions、The establishment and improvement of the market and system helps to reduce information asymmetry，Reduce the problem of "commission -agency"，Provide liquidity support for economic operations，Optimize resource allocation。The connotation of financial development is the expansion of financial scale，The role of the financial system exerts the role of capital reservoir，Provide stable and efficient financial support for economic operations; on the other hand, financial structure optimization，improvement of financial efficiency，Can effectively reduce funds acquisition、Information exchange and regulatory costs，Help the economic operation of all entities to get more efficient financial services，Optimize resource allocation。

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For the past 20 years，Global Financial Development (Examination with GDP with liquidity liabilities) bet365 best casino games has increased by nearly doubled，At the same time，The instability in financial development is also more prominent。Take the banking industry as an example，After 2008，High -income countries with the highest degree of financial development，It is still the fastest middle -income country with financial growth，The development of the banking industry has fluctuated to varying degrees of rise。A comprehensive financial system can reduce financing constraints、Improve market information circulation、Improve supervision efficiency、Provides effective risk allocation and exchange settlement methods to promote economic growth，But the role of financial development on economic development is complex，This complexity may be related to the impact of investment loans brought about by financial development and consumer loans on production。

Financial development also affects economic fluctuations。The influence and source of impact on economic fluctuations on financial development (derived from entity or virtual economy)、The financial development stage of a country、Various factors such as credit supply。From the perspective of industry level，The greater the demand for external liquidity in the industry，The more financial development can reduce the fluctuation of the industry，Generally, it is also more conducive to the stable development of the country's economy。The current research mainly focuses on financial development and economic growth，The impact on the fluctuation of financial development is still lacking。Financial fluctuations reflect the change in the process of the construction of a country's financial system，More directly affects the company's financing、Information、Risk management, etc., is closely related to production and operation.，It will affect the production and operation activities of the enterprise，Performance of directly acting on the overall industry。

Manufacturing enterprises as an important part of the real economy，often the direct role of financial fluctuations。Financial bet365 live casino games development fluctuations mainly affect the performance fluctuations of various industries with investment effects，The final action is to manufacture the performance fluctuations of the industry。Production of manufacturing enterprises requires the support of mobile capital，The financial system provides enterprises with different types of credit funds to meet the needs of the enterprise。During the production process of different enterprises, there are differences in the demand for mobile capital，The production of high -flow capital demand is more sensitive to the level of financial development。Under the same valuation of the enterprise's fixed assets，The level of financial development affects enterprises can finally obtain total financing。Financial development can improve financing efficiency，The total amount of mortgage capital of the same enterprise can get more loans to meet the capital investment，This is more significant for the demand for liquidity capital to be higher。So，Companies with higher liquidity demand are more beneficial to financial development。

At the same time，Full of financial development fluctuates directly on corporate financing efficiency，Affecting the production efficiency of the company，Eventually affecting the stability of industry performance。Enterprises carry out multi -phase production，Each period must obtain mobile capital through external financing to meet production needs。When the regional financial development of the company is in a stable development，When each issue increases at the same rate,，The growth rate of liquidity capital that can be obtained in each period of the enterprise is similar，Stable financing efficiency，Enterprises can reasonably arrange production，Make sure that production is stable。But when the financial development of the region where the enterprise is located，Funding efficiency fluctuates。Even if the average rate of financial development is consistent，But due to the fluctuations in the growth rate of various regions，Enterprises bet365 Play online games cannot reasonably expect mobile capital。In order to adapt to fluctuations in the growth of the financial system，Enterprises can only arrange production flexibly during each period，The output of each period is more decentralized，The overall output of the enterprise intensifies。Finally, the intensification of financial fluctuations will lead to an increase in the industry's output fluctuations。

Further，The production of enterprises with higher liquidity demand is more sensitive to the financial system，Therefore, when financial development fluctuates，It has a greater impact on the production of such enterprises for various periods。During the high growth period, high -liquidity demand enterprises produced more，But during the low growth period, its output is even less，Production decentralization further intensifies。other，The demand for liquidity is related to the industry of the enterprise，Industry to technology、Capital requirements are important reasons for different external liquidity needs of enterprises，The external liquidity needs of enterprises in the same industry are approaching。So，Fortune fluctuations and exacerbations have a greater impact on performance fluctuations in high liquidity demand industry，Expressy of the fluctuations in financial development will bring about the performance fluctuations of the high liquidity demand industry。

　　Empirical results

I have inspected the impact of financial bet365 live casino games development fluctuations on the performance fluctuations of the manufacturing industry based on the transnational subdivision industry data。Use the manufacturing industry subdivision data for research，It can avoid the effect of adding a total error on fluctuation calculation。

Specifically，Use the panel fixed effect model、2SLS method and other detailed investigations. From 1990-2010, a total of 96 ISIC four -digit four -digit encoding classification of the manufacturing industry between the relationship between performance fluctuations Bet365 lotto review and financial fluctuations between the manufacturing industries in the world of 71 countries worldwide，The results confirmed that the fluctuations in financial development will bring fluctuations in the performance of the manufacturing industry。Not only that，The development of different components of the financial system will increase the fluctuations of the performance of the manufacturing industry。After excluding the structural impact brought by financial liberalization，Financial bet365 live casino games development fluctuations still have significant positive promotion effects on manufacturing performance fluctuations。Specific implementation channels for testing the influence of financial development fluctuations，The author introduces the industry's cash weekly cycle and the industry's external financing relies on two indicators to inspect the external liquidity needs of the industry，Test this possible impact mechanism through the construction of interaction。Research conclusions show，Capital composition is lower in the proportion of capital、High -financial dependence industry with strong external financing demand is more sensitive to financial development。Financial development fluctuations have significantly exacerbated the fluctuations of the performance of this type of industry。Not only that，The higher the level of open opening to the outside world，The greater the influence of financial fluctuations in the country's manufacturing industry，Industries with higher production concentration are also more vulnerable to fluctuations in financial development，Exhaust the industry's performance fluctuations。

other，The author further provides transnational experience evidence based on industry performance fluctuation dynamic changes。Research confirmed，Financial fluctuations in the manufacturing industry's performance fluctuations have an instantability，That is, financial fluctuations will be transmitted to the manufacturing industry immediately，Causes the performance fluctuations in the manufacturing industry in the current period。At the same time，Performance fluctuations in the manufacturing industry have a trend of convergence，But this process will take a long time。Therefore, by increasing the stability of financial development to achieve bet365 live casino games a leveling of performance of the creation of industry performance，It is effective and necessary to promote the stable economic development。

Manufacturing as an important component of the economy，In the critical period of strengthening the financial service real economy，Following the relationship between the financial development and the performance of the manufacturing industry seems far -reaching。The performance of the manufacturing industry is stable，helps investing funds to improve technology，Optimized production，Constantly improving product quality，Realize the manufacturing industry upgrade。The current period of research and transformation of the high -quality development of the economy in my country，Accelerate the internal cycle of the economy、Make sure manufacturing production is the key step of economic life。Ability to effectively improve the real economy of financial services，In the process of deepening financial reform in my country，Not only must we improve the efficiency of the financial system，Promoting financial development，Should pay more attention to ensuring the smooth and orderly development of financial development。During the development of the financial system in various regions，Pay attention to the characteristics of the local manufacturing industry，Especially in areas where the demand for external liquidity outside the manufacturing industry is generally higher，When promoting the construction of a local financial system, we should pay more attention to the stability of financial development。other，To better realize the internal economic circulation，Accelerate economic development，Each region should strive to play the role of the financial system，Reduce the threshold for loan within the allowable range of risk control、Simplify the approval process，Provide support from industry companies with the weakest capital chain，Finally, it will effectively achieve stable financial development to promote the upgrading of my country's manufacturing industry。

　　(Author Unit: School of Economics and Trade at the School of Economics and Trade of Guangdong; School of Economics, Xiamen University)