The Empirical Analysis Of Financial Intermediaries Development And Manufactured Exports Structure Optimization

Since reforming and opening, our export trade has developed rapidly, China's total exports reached to $1577.93 billion in 2010, and the amount in 1978 reached to $9.75 billion. The export trade achievements could not be overlooked. However, compared with the developed countries, the problem of china's irrational export commodity structure highlights. Exports of goods with low added value, labor-intensive products still occupy a high proportion of capital and technology-intensive products relatively weak competition, the trade structure is not conducive to the trade balance, therefore, the adjustment of the commodity structure of export trade can not be delayed.One of the most important means of the adjustment of the export commodity structure of trade is the participation and support of the financial sector. This perspective of the article are product and industry, it aims to examine the development of financial intermediation on the structure of manufactured exports, First, we use the VAR model about 1985-2009 years of empirical testing and analysis of the financial intermediary development and the relationship between the structure of manufactured exports, the following conclusions: the development of financial intermediation and the structure of manufactured exports is positively cointegrated. Specifically, the scale of financial intermediation is the scale of capital-intensive exports of goods, capital-intensive goods export competitiveness Grander reasons; the efficiency of financial intermediation is the size of the export of manufactured goods Grander reasons. Overall, the financial intermediary development is to promote the optimization of the structure of manufactured exports. Second, we use 15 kinds of manufacturing share exports about 2001-2008 years to analyze the influence of the development of financial intermediation sectors on the manufacturing sector, the results showed that: to some extent, the expansion of financial intermediation scale and the increase of financial intermediation efficiency will promote the industry's exports with the external financial dependence ; the low external financing dependence and the high dependence on external finance industry more dependent on the efficiency of financial intermediation to promote their exports. That the development of financial intermediation high dependence on external financing to promote the role of the manufacturing sector is still limited; This shows that the level of financial intermediation development in China is still relatively low, we should continue to expand the financial intermediation scale, and pay more attention to improve the financial intermediation efficiency .