On The Impact Of China’s High-tech Industry Export Of Capital Market Development On The Upgrading Of Products

With the rapid development of economy, the world has entered the information era of rapid development, in such a large demand of the era of information technology, high-tech products gradually by people of all ages. High technology industry can be called the high and new technology industry, refers to the use of modern advanced technology(mainly refers to the field of information technology,bio engineering and new materials and other high-tech products) manufacturing industry group. Has the following characteristics: high investment, the proportion of research and development personnel, the development of high technology industry,the penetration of other industries and strong research and development. High technology industry is strongly dependent on research and innovation based on the characteristics of high technology industry, so is a high risk industry, the traditional capital market under the background of high risk industry in order to obtain financing is subject to certain restrictions, so the development of high technology industry on the development of the capital market has a strong sensitivity, in theory it is closely related to.By using the method of measurement to measure how the upgrade of China’s capital market development and high-tech products export? The status and trends of the development of capital market and the high-tech products export promotion?Whether there is a long-term equilibrium relationship between the development of capital market and the high-tech industry export product upgrades? If there is a long-term equilibrium relationship, this equilibrium relationship in particular? The development of the capital market for the export of high-tech products to upgrade the short-term effect how?In this paper, the mechanism of the development of the capital market for the export of high and new technology industry product upgrades as the theoretical basis of the study, based on data from 1998 to 2014 the development of China’s capital market and the high-tech industry export product upgrades, the use of VEC and VAR measurement method, influence the development of the research of capital market of China high-tech industry export product upgrades the. The study found that: 1, from the bond market, the stock market index, index of credit market, securities investment fund index and index futures market index, weighted calculation of available capital market development comprehensive index, upgrading of exportproduct technology content by measuring the high-tech industry export products; 2,cointegration test residual sequence is stable and there is a long-term equilibrium relationship between the development of the capital market and that of high and new technology industry upgrading of export products. The development of the capital market for the export of high-tech products has significant role in promoting the upgrading of human capital, and the foreign direct investment can promote the high-tech industry export product upgrades, but the marginal effect of no marginal effect of capital market development; 3, the development of the capital market for the export of high-tech products to upgrade the effect of pulse, the first three are a rising trend, the development of the capital market can promote the high-tech industry export product upgrades, and the export of high and new technology industry product upgrading lag effect.