金融发展与出口复杂度提升——基于作用路径的实证

Financial Development and Export Complexity Increase: An Empirical Test Based on Functioning paths

文章将复杂产品定义为由多种异质性中间投入品加工而成的产品,中间产品的异质性越强,最终产品的技术复杂度越高。基于该定义,研究发现金融发展主要通过人力资本积累、研发效率提升和FDI技术溢出吸收能力提升等三条路径,作用于中间产品异质性进而一国出口复杂度提升。文章同时采用跨国数据对金融发展作用于出口复杂度提升的三条路径分别进行了经验验证,实证结果肯定了我们的理论预期,且该结论对于不同的金融发展指标具有稳健性。

Complex products are defined as the products made of a variety of heterogeneous intermediates. The more heterogeneous the intermediates are, the more complex the final goods are. The paper points out that financial development improves a country＇s export sophistication via the heterogeneity of intermediates through three paths： namely human capital accumulation, R＆D efficiency promotion and the capability increase of absorbing technology spillovers of FDI. It makes an empirical test of the three paths by using cross- border data respectively. The empirical results confirm our theoretical expectation and are robust to different indicators of financial development.