| Along with economic globalization,the world economy is gradually integrated,and the trade scale of each country in the world is increasing,while the demand of consumers is also rising continuously.China’s export growth rate is relatively high in the global ranking,but compared with developed countries,China’s exports are still mainly labor-intensive and resource-intensive products with relatively low technology content.In this context,the state encourages the introduction of high intelligence and high quality foreign investment in the manufacturing industry to promote the transformation of China from a manufacturing power to a manufacturing power,improve the technical content of manufacturing export products and enhance the technical complexity of manufacturing exports.A well-developed financial market can not only attract foreign capital inflow,but also provide financial support for manufacturing enterprises to promote the technical spillover effect of FDI,which in turn promotes the technical progress of manufacturing enterprises and enhances the technical complexity of manufacturing exports.Therefore,in the new era,it is of great practical significance to investigate how to play the role of financial development to strengthen the influence of FDI on the technical complexity of manufacturing exports.This paper firstly sorts the literature related to the technical complexity of manufacturing exports,foreign direct investment and financial development,and summarizes the views and methods in the existing literature to find possible research breakthroughs,secondly analyzes the influence of FDI on the technical complexity of manufacturing exports and the moderating effect of financial development in the influence of FDI on the technical complexity of manufacturing exports in terms of theoretical mechanisms and Finally,based on the provincial panel data of China’s manufacturing industry from 2011 to 2020,we empirically tested the influence of FDI on the technical complexity of China’s manufacturing exports using the panel data model and conducted a regional heterogeneity test;using the moderating effect and the panel threshold model,we empirically tested the influence of financial development on the technical complexity of manufacturing exports.The moderating effect of financial development in the relationship between FDI and technical complexity of manufacturing exports and the non-linear relationship between FDI and technical complexity of manufacturing exports are tested empirically using moderating effect and panel threshold model.The results of this paper show that: at the overall level,FDI can significantly promote the technical complexity of China’s manufacturing exports;at the regional level,there is regional heterogeneity in the promotion effect of FDI on the technical complexity of China’s manufacturing exports,with a significant promotion effect on the east and central regions and an insignificant promotion effect on the west;financial development has a After including financial development as a threshold variable in the threshold regression model,the analysis finds that the influence of FDI on the technical complexity of manufacturing exports has a significant double-threshold effect,when the level of financial development does not cross the first threshold,there is a significant promoting effect of FDI on the technical complexity of China’s manufacturing exports,after crossing the first threshold,the promoting effect of FDI on the technical complexity of manufacturing exports After the first threshold is crossed,the promotion effect of FDI on the technical complexity of manufacturing exports is enhanced,and after the second threshold is crossed,the promotion effect of FDI on the technical complexity of manufacturing exports is not significant.Accordingly,policy suggestions such as reasonably guiding the inflow of foreign capital into manufacturing industry,improving the quality of foreign direct investment in manufacturing industry,establishing a multi-level and all-round financial market system,strengthening the accumulation of high-end human capital in manufacturing field,improving the level of manufacturing infrastructure and strengthening the protection of intellectual property rights are proposed to promote the improvement of the technical complexity of China’s manufacturing exports and thus enhance the competitiveness of China’s manufacturing industry in the international market. |
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