Capital Market Development And Export Products To Upgrade

Since the reform and opening up in 1978, China has achieved rapid economic development, and the value of GDP increased every year.Although the industrial structure and trade structure optimized themselves in this 30 years,at the beginning of the reform and opening up, China’s foreign trade mainly grew in the way of extension,which is no good for sustainable development of economy. China’s export products of quality and technical content needs to be improved. Developed capital market has a strong function of financing, resource allocation, risk dispersing and efficient trading. It is not only beneficial to the industry upgrading internally, and also conducive externally. For high technology industries, the effect is more apparent. perfect capital market can promote the production of high technology, capital and technology intensive products, provide funds safeguard, also through FDI technology spillover effect indirectly bring technological progress, and provide technical support for product upgrades.Based on the capital market development of high technology industry upgrading products as the center, first of all, this paper selected topic background and research significance of concise elaboration, and based on the existing related research at home and abroad, reveals the development of capital market on the impact mechanism of high technology industries; On this basis, put forward the research ideas and research methods of this article; Finally, in view of the research scope of this article, and puts forward the research contents and possible innovation place.Secondly, on the basis of existing research, draw lessons from Qiu Jie (2012), China’s capital market development index method to ascertain the weight of each index in the study to determine the composite index of capital market development.Use Hausmann, Hwang and Rodrik established technical complexity indicators measure high technology industry is export product upgrading, respectively to measure the national, eastern, central and western regions from 2000 to 2012, the change trend of, from the trend analysis of their respective characteristics. According to the results from 2000 to 2000, the regional capital market in China are all showed a trend of steady development, the technical complexity of the export products also increased year by year, but the eastern region and the central and western regions in China still have certain differences between the indicators.Thirdly, according to the related literature review, this paper analyzes the development of capital market mechanism of the influence of export products. High technology industry is put forward to test the two said. Hypothesis 1:capital formation to promote high-tech industry export products technical complexity. Hypothesis 2:the technology spillover effect of foreign direct investment brings to promote high-tech industry export product technology complex. And from the regional level, using the panel data of China’s 30 provinces, autonomous regions and municipalities directly under the central empirical regression analysis, and further explores the development of capital market is the mechanism by which impact on high technology industry upgrade export products. To verify this hypothesis, empirical process and according to the hypothesis and empirical results are horizontal and vertical comparative analysis. The empirical results show that the development of capital market and high technology industry technical complexity of export products is positively correlated relationship, and for China Eastern this fitting degree is higher, the positive correlation is more apparent. This is because in the east capital development degree higher relative to the central and western regions, the FDI technology spillover effect of absorptive capacity is stronger, so the higher the degree of capital market development of regional foreign direct investment (FDI export products of high and new technology industry upgrade to promote the effect is more obvious.Finally, according to the empirical results from the perfect capital market system, implement regional financial development, strengthening the talent introduction and training, perfecting the evaluation of intangible assets in the perspective of the development of new and high technology industries of our country are put forward the policy recommendations.