金融渠道对我国高新技术产业出口升级的影响研究

Research on the Impact of Financial Channels on the Export Upgrade of China's High-tech Industries

基于2010—2017年我国各省市的面板数据,采用Hasumann测度出口复杂度的方法,计算出各省市高新技术产业的出口复杂度,分析了我国高新技术产业出口升级和金融渠道的现状。以银行借贷渠道、股票资本渠道为核心变量,研发投入、基础设施及外商直接投资为控制变量,实证分析各金融渠道对高新技术产业出口升级的影响。研究结果显示:银行借贷渠道可以显著促进高新技术产业出口升级,而股票资本渠道对其的促进作用并不明显。同时,研发投入与基础设施也能够产生显著正向作用,但外商直接投资因素则并不显著。使用分位数回归法细化研究后发现,银行借贷渠道、基础设施对中高端及以上高新产业出口升级的促进作用更明显,研发投入对中高端及以下高新产业的促进作用更明显,外商直接投资则只对低端高新产业有显著促进作用。

Based on the panel data of various provinces and cities in China from 2010 to 2017,using Ha⁃sumann's method of measuring export complexity,the export complexity of high-tech industries in various provinces and cities was calculated,and the status of China's high-tech industry export upgrade and financial channels was analyzed.Taking bank lending channels and stock capital channels as core variables,R&D investment,infrastruc⁃ture and foreign direct investment as control variables,this paper empirically analyzes the impact of financial chan⁃nels on the export upgrade of high-tech industries.The results show that:Bank lending channels can significantly promote the export upgrade of high-tech industries,while the promotion of stock capital channels is not obvious.At the same time,R&D investment and infrastructure can also have a significant positive effect,but foreign direct in⁃vestment is not significant.Using the quantile regression method to refine the study,it is found that bank lending channels and infrastructure have a more obvious role in promoting the export upgrade of high-tech industries at in⁃termediate and higher levels,R&D investment has a more obvious role in promoting high-tech industries at or below mid-level,foreign direct investment only has a significant role in promoting low-level industries.