Regional Financial Deepening Level,Industry Financing Dependence And Export Of Manufacturing Industry

In the process of economic globalization,trade has developed rapidly,which robustly support the expanding of the China's economy.However,with the outbreak of the financial crisis in 2008,the export of China has been confronted with unprecedented challenges and pressures.On the other hand,the global economic integration promotes the internationalization of financial market,no country can be independent.China has been actively exploring the ways of reform and adapting to this wave.At present,the relationship between finance and trade is becoming more and more closely.It is of great significance to strengthen the financial deepening and give full play to the advantage of export to the sustained and stable development of China's economy.This paper constructed an export decision-making model to explore the micro mechanism of financial deepening affecting exports from the perspective of industry financing dependence.On the basis of the panel data from 2011 to 2016 in China which is divided into industry and province,we used the interaction term of the financial deepening level and the industry financing dependence degree as core variables in the model to make an empirical analysis of relationship among the financial deepening level,the industry financing dependence and the export advantage index.Conclusion has been reached: the different regional financial deepening level has different effect on the manufacturing export for the different degrees of external financing dependence in China.The article also found that compared with industry in the lower roundaboutness of production structure group,the higher roundaboutness of production structure has the more obvious pulling effect of the developed financial system on the industrial export advantage whose external finance dependence is also high.But the main effect of channel is the scale and the efficiency of credit.Besides,human capital,material capital and other traditional factors of production have different effects on the export advantages of different industries.