资本市场支持、比较优势与国际贸易质量

Capital Market Support、Comparative Advantage and International Trade Quality

本文分析了资本市场支持对强化比较优势与提升国际贸易质量的影响效果,结论认为:对于贸易质量高的产品,其研发和生产的风险不确定性较大,在信息不对称的情形下,资本市场逆向选择现象就越突出,资本市场支持可以通过解决逆向选择问题促进一国专业化生产贸易质量水准较高的产品。因此,对于资本市场发展程度比较完善的国家,在风险不确定性越强的贸易高质量产品上越容易实现解决外部融资难题,比较优势就越发明显,对提升一国的贸易品质量就越显著。文中从理论机制和经验分析两方面推导和验证了上述结论,表明资本市场支持对提升一国国际贸易质量具有稳健的推动作用。

This paper analyses the effect of capital market support to increase comparative advantage and in- ternational trade quality. Our results confirm that the high trade quality products have higher uncertainty of numufacture and R＆D, the problem of reverse selection is very prominent when information is inadequate, then capital market support can promote one country to produce higher trade quality products through resolv- ing reverse selection problem. The perfect capital market nations can resolve financing dilemma of risk un- certainty and high trade quality products easily, also can promote one nation＇s overall trade quality by appar- ent comparative advantage. These conclusions are examined in this text from theory and empirical aspects, the effect of capital market support to increase international trade quality remains robust and positive.