Study On The Impact Of Financial Development On China's Manufacturing Export Quality

At present,many scholars have shifted from the export scale and export structure to the export quality,and have carried on the related research to the calculation of the export quality and its influencing factors.But only a small number of scholars to study how financial development affects the quality of a country's exports,and what is its specific impact mechanism.China's manufacturing exports accounted for more than 95%of China's total exports;its export quality has become an important concern about the country's economic interests and economic growth.Studying the mechanism of financial development to improve the quality of exports is conducive to improving the international competitiveness of China's export products and technical content,and then promotes the improvement of export quality.This paper uses the export complexity index proposed by Hausmann et al.(2007)to measure the export quality of a country and uses HS92 data in the BACI database to measure the export quality of the country at the national level of 42 countries in the G20 range and the quality of 26 sub-sectors.This paper analyzes the present situation of China's manufacturing export quality and analyzes its influencing factors,and focuses on the three paths of financial development to improve the export quality.The first part of this article describes the background of the topic and the significance of the study,and combs the relevant literature at home and abroad;the second part deals with the theoretical basis of financial development to promote the quality;the third part is the measurement of China's manufacturing export quality and comparative analysis;the fourth part is the empirical study of financial development to promote the quality of export promotion;the fifth part is the conclusion and suggestion.This paper summarizes the conclusions of this paper,and then puts forward some suggestions on the development of financial development,the upgrading of technology-intensive industries,the accumulation of human capital and the independent research and development.The main conclusions are as follows:First,the overall export quality of China's manufacturing industry has been greatly improved during the period from 2000 to 2014,with an average growth rate of 6.05%,but the gap with the developed countries is obvious.The average growth rate of labor-intensive and capital-intensive industries is higher,respectively 6.31%and 5.87%;but the average growth rate of technology-intensive industry is only 5.23%.Second,the empirical analysis of the overall manufacturing industry can verify that financial development through FDI technology spillovers,human capital accumulation and research development efficiency to promote China's manufacturing export quality improvement.In addition,for both the banking system and the stock market,the positive impact of the scale is larger than the efficiency.In particular,the improvement of financial development level has a significant effect on the promotion of labor-intensive and capital-intensive industries.However,the promotion of the industry is not obvious for technology-intensive industries.