| The Chinese government has proposed building a new system of an open economy at a higher level,comprehensively opening up to the outside world,promoting trade and investment liberalization and facilitation,and promoting innovative trade development.Expanding import is not only the external power of balancing foreign trade,but also the strategic measure of high quality development of China’s foreign trade.The import of high-tech products can promote China’s industrial upgrading,which is conducive to China’s economic growth.On the other hand,since the reform and opening up,China’s regional financial development has achieved varying degrees of success,regional financial development level difference has also played an important role in promoting regional economic development,technological level and social progress.However,due to the large regional differences,the development of regional finance may have different effects on the import of technological progress and the improvement of technological level,so the research on this issue has become one of the key topics of academic research.In this context,based on the review of relevant research results at home and abroad,this paper summarizes and sorts out the research innovation and existing shortcomings of domestic and foreign scholars,and analyzes the specific laws and characteristics of regional financial development and high-tech products import.This paper summarizes the mechanism of regional financial development promoting the import of high-tech products,puts forward the research hypothesis of regional financial development promoting the import of high-tech products,and uses the data of provincial panel from 2006 to 2020,takes the import of high-tech products as the explained variable,and takes regional financial development as the core explanatory variable.Taking regional GDP,educational expenditure,R&D expenditure,fixed asset investment,urbanization rate,GDP of tertiary industry,public finance budget expenditure and actual amount of foreign investment as control variables,this paper systematically studies the influence and mechanism of regional financial development on the import of high-tech products.When constructing the regional financial development index,this paper adopts the index norm of deposit and loan of financial institutions,the amount raised by stocks,the total value of stock market price,the amount raised by domestic bonds and the premium income of insurance companies,and adopts the entropy weight method to construct it.It is found that regional financial development significantly promotes the expansion of high-tech products import scale.From the point of the transmission mechanism,regional financial development makes local economic vitality,the local government has the ability to mobilize more resources to realize industry upgrading plan,the enterprise can get more finance support,the local people’s demand for higher quality products and services will be more,thus promote the demand for high and new technology product,through its own innovation and import,So that the import of high-tech products increased.The heterogeneity test in this paper shows that financial development has different effects on high-tech imports under different levels of fixed asset investment.In the provinces with high levels of investment in fixed assets,regional financial development can promote new and high technology import.The main policy recommendations of this paper are as follows:in order to stimulate the vitality of the regional financial market,on the one hand,financial diversity and competition order should be maintained:financial institutions of different ownership should avoid behavior homogeneity and pro-cyclical superposition,and support the long-term existence of local financial institutions as pillars;On the other hand,promote enterprises to make independent and endogenous capital supplement through stock market and bond market,and strengthen insurance guarantee.At the same time of developing regional financial market,we should pay attention to speeding up the role of financial development in fixed assets investment areas,encourage regional financial institutions to strive for greater authority,strengthen financial innovation,and improve the ability of financial institutions to allocate financial assets. |
