Abstract: From the perspective of entrepreneurial vitality and on the basis of literature research, this paper analyzes the mechanism by which the development of science and technology finance affects the upgrading of industrial structure, puts forward theoretical assumptions, collects panel data of 30 provinces in China from 2009 to 2019, and uses the mediating effect model and panel threshold model. To reveal the role of entrepreneurial vitality in the process of technological finance affecting the upgrading of industrial structure. The results show that:first, technology finance has a significant promoting effect on industrial structure upgrading, and the promoting effect exists regional heterogeneity. The promoting effect in western China is stronger than that in eastern and central China. Secondly, technological finance can promote the upgrading of industrial structure through improving the level of entrepreneurial vitality, and then promote the upgrading of industrial structure. Thirdly, there is a significant single threshold effect of science and technology finance in the promotion of industrial structure upgrading by entrepreneurial vitality. That is, the more developed science and technology finance is, the stronger the ability of entrepreneurial vitality to promote industrial structure upgrading is.

Key words: science and technology finance development, entrepreneurial vitality, upgrading the industrial structure, mediating effect, threshold effect