Impact Of Sci-tech Finance To China's Export Sophistication

At present,China's economy and even the global economy are at a critical stage of the transformation of new and old growth kinetic energy.As an export oriented country,the export trade situation in China is not optimistic in recent years,and the growth of foreign trade maintained at low cost is unsustainable.The key to the transformation and upgrading of China's export trade structure is to improve the export technology content.As we know,the improvement of the trade structure depends on science and technology,and the development of the science and technology industry requires a strong financial boost.Therefore,it is of great theoretical and practical significance to study the impact of the technical level of science and technology finance export.This paper argues that technology finance will eventually affect China's export technology level through breaking through barriers to trade,capital formation and risk diversification.Firstly,this paper reviews the related research results from four aspects:the concept and measurement of technology finance,the measurement of export technology complexity and its influencing factors.According to the existing literature,capital flow,financial development,institutional factors and factor endowments will affect export technology level.However,there are relatively few literatures about the impact of Technology Finance on export technology level.Secondly,we use Hausman to measure the export technology complexity of 31 provinces(municipalities and autonomous regions)in China,and we find that the complexity of export technology in every region shows an increasing trend year by year.Finally,this paper selects four indicators representing science and technology finance,including government investment,scientific research investment,venture capital investment and technology capital market.Then,based on China's 31 provincial panel data,the impact of science and Technology Finance on the complexity of China's export technology is analyzed.Finally,based on the panel data of Eastern,central and western regions,we study the regional differences of technology finance to export technology complexity.In this paper,it is found that in the scientific and technological financial system,the government input,the investment of the financial institutions and the scientific and technological capital market have a good effect on the complexity of China's export technology.And venture capital has some negative effects on the level of export technology.The government input has the most obvious improvement in the complexity of export technology in the western region,and the most obvious impact on the central region is the risk investment and the scientific and technological capital market,while the scientific research have the most obvious impact on the eastern region.