金融开放、自主创新与企业出口产品质量——来自外资银行进入中国的经验分析

Financial Openness,Independent Innovation,and Firms’Export Products Quality:Analysis on Experience of Foreign Banks Entering China

改进和提升出口产品质量成为中国重构出口竞争优势、打破全球价值链“低端锁定”困局以及扩大贸易利得的重要途径。使用2000—2013年中国企业微观数据,考察了以外资银行进入为表征的金融开放对企业出口产品质量升级的影响效应及其作用机制。研究结果表明:外资银行进入显著提升了进驻区域内企业出口产品质量,在考虑内生性问题和经过多重稳健性检验后,结论依然成立。作用机制检验显示,创新促进渠道是外资银行进入影响企业出口产品质量的重要机制。异质性分析结果表明,外资银行进入对中高生产率企业、外资企业、民营企业、高金融业中间投入行业企业以及专利密集型行业企业的出口质量提升效果更加显著;制度环境优化、金融市场化水平提高和知识产权保护强度提升都强化了外资银行进入的质量升级效应。

Improving and enhancing the quality of export products has become an important way for China to reconstruct new advantages in export competition,break the dilemma of“low-end lock-in”in the global value chain,and expand trade benefits.This paper studies effect and mechanism of financial openness represented by the entry of foreign banks on the quality upgrade of firm’s products exported by using the microdata of China from 2000 to 2013.The results show that the entry of foreign banks significantly improves the quality of export products of firms,and the conclusion is still valid after considering endogeneityand multiple robustness tests.The test of action mechanism shows that the innovation promotion channel is an important mechanism for the entry of foreign banks to influence the quality of firms’export products.The results of heterogeneity analysis show that the entry of foreign banks has a more significant effect on the quality improvement of firms with medium and high productivity,foreign and private firms,firms in the industry of high financial intermediate investment,and patent-intensiveindustry.The optimization of the institutional environment,the improvement of financial marketization level,and the strengthening of intellectual property rights protection strengthen the quality upgrade effect of foreign banks’entry.