Study On The Impact Of Financial Openness On The Quality Of Export Products

Since China’s accession to the WTO in 2001,its export trade has achieved sustained and rapid growth,and it has maintained its status as the world’s largest trading country in goods for many years.However,the quality of export products is difficult to be optimistic,and there is a clear gap between them and the major developed countries.At the same time,the gradual decline of domestic factor dividend and the rapid insertion of international emerging economies into the global value chain division of labor system have led to the reduction of export trade cost competitiveness and the traditional comparative edge,which had been a driving force behind the expansion of foreign commerce,has been lost.Therefore,improving the quality of export products has become an important way for the country to rebuild its export competitive advantage and break the "low-end lock" in the global value chain.The opening and development of the national financial market can improve the efficiency of resource allocation in the financial system,optimize the distribution of resource allocation,provide human,material and financial support for export enterprises,promote the R&D and innovation of entity enterprises,and have positive significance for the upgrading of export product quality.Based on this,this paper examines the effect and impact mechanism of financial openness on the quality of export products from the perspective of technological innovation.Based on the data of 30 provinces and cities(except Xizang),this paper firstly introduces the mechanism of financial opening,technological innovation and export product quality,including the direct influence of financial opening on the quality of export products and the indirect influence of financial opening on the quality of export products through technological innovation after the introduction of intermediary variables.Then measure and analyze the status quo of financial opening level,technological innovation level and export product quality.Finally,the empirical research successively uses the two-way fixed effect model to carry out global regression,heterogeneity test,intermediate effect model test and robustness test to prove the actual impact of financial opening on the quality of export products.In this paper,it is found that the improvement of financial opening level plays a significant role in promoting the upgrading of the quality of export products and indirectly promoting the upgrading of the quality of export products through the intermediary variable technological innovation level.According to the research of different regions,there are obvious regional differences in the level of financial openness and technological innovation in China.Based on the above research,this paper puts forward corresponding policy recommendations: first,orderly promote progressive opening;The second is to adjust measures to local conditions and implement the strategy of regional financial opening;Third,we should pay more attention to technological innovation and keep innovation dynamic.