金融发展对出口复杂度提升的助推效应——基于金融功能改善视角的分析

Boost Effect of Financial Development on Export Complexity——an Analysis Based on the Perspective of Financial Function

金融发展水平的高低不仅直接决定资金供给服务的完善程度,还间接作用于企业人力资本积累与对外学习能力,且彼此之间具有显著的正相关性。金融发展水平的提高会同时促进资金供给服务的完善、企业人力资本有效积累与对外学习能力增强,进而助推出口产品复杂度提升。另一方面,金融发展水平的提高也有助于规避信息不对称下的逆选择问题,带来本国企业生产水平提高,最终推动出口产品复杂度的提升。依据42个国家在1995—2012年间的相关数据,构建面板模型分析发现,一国金融发展水平每提升1个百分点,会带动出口复杂度提升0.016个百分点;但是,金融发展水平对出口复杂度提升的助推效应发挥存在限制条件,只有满足成本-收益条件的金融发展才对出口复杂度提升具有正向影响。

The level of financial development not only determines the degree of perfection of the capital supply service,but also has indirect effect on enterprise human capital accumulation and foreign learning ability;and has significant positive correlation between the two.The improvement of the level of financial development will promote the improvement of the capital supply service,the effective accumulation of human capital and the enhancement of learning ability.On the other hand,the improvement of the level of financial development also helps to avoid the problem of adverse selection of information asymmetry,bring the level of domestic enterprises to improve,and ultimately promote the export product complexity.On the basis of the 42 countries in 1995-2012 years of relevant data,and constructing panel model,we find that a country＇s level of financial development each ascending 1percentage point,will lead to export complexity increase of 0.016%;however,there exists restrictions of the producing the boosting effect by the financial development level on the export complexity,and only when the cost-benefit conditions of financial development is met,the export increase of complexity has a positive impact.