摘要
文章基于外商直接投资溢出效应和技术研发效率两个视角,理论分析了金融发展对出口净技术复杂度的影响机制,指出越高的金融发展水平其能够提供的融资规模及效率也越高,同时提升了外商直接投资的技术外溢水平及技术研发效率,并在人力资本的作用下共同提高了出口净技术复杂度,且外部金融依赖不同的行业受金融发展水平的影响存在差异性。实证部分选取了衡量不同金融发展特征的指标(金融发展效率PRIV指标、商业银行相对集中度CONC指标、股票市场交易效率SMTR指标)以检验金融发展对出口净技术复杂度的影响,结果符合理论机制。文章进一步引用了Rajan和Zingales(1998)的行业外部金融依赖系数以区分不同行业的外部金融程度,进而分析了金融发展对不同行业出口净技术复杂度的差异性影响,发现具有较高外部金融依赖行业的金融发展水平对出口净技术复杂度提升的效应更显著。
This article studies the effects of financial development on net technical sophistication of export from two perspectives,FDI spillovers and technology's R&D efficiency. We analyzed the path of effects by using economic theory,finding that the high level of financial development can improve the scale and efficiency of enterprises' financing,and can promote FDI and R&D efficiency combining with human capital,ultimately enhance the net technical sophistication of export. Meanwhile,the effects of financial development on industries with different external financial dependence are different. Then we did empirical tests by adopting different indexes of financial development( PRIV index,CONC index,and SMTR index),with results consistent to theoretical mechanism. What is more,we cited Rajan & Zingales'( 1998) coefficient of external financial dependence in order to distinguish different levels of external finance industries,finding that the positive effect in higher external financially dependent industry is more significant.
出处
《世界经济研究》
CSSCI
北大核心
2016年第2期34-45,135,共12页
World Economy Studies
基金
国家社会科学基金项目"中国出口净技术含量的形成机制及提升路径研究"(课题号:11CGJ021)
