The Effect Of Financial Innovation On The Sophisti- Cation Of Export In The High Technology Industry

With the deepening between technological innovation and financial innovation, research focusing on the relationship has been becoming a hot area of scholars. Research on the impact of the relationship has a great significance role in the construction of innovative regions.Based on Gorodnichenko’s(2011) model, focusing on the micro-level enterprises, this paper builds the path of financial innovation’s effect on technological innovation. This paper argues that financial innovation can accelerate the innovation of technology by directly reducing the liquidity risk of daily operations and the cost of external capital, and improve the enterprise’s willingness of innovation and the possibility of success in technological innovation. Secondly, financial innovation can also indirectly accelerate the innovation of technology through the technological spillovers of high quality foreign investment, efficient finance resources and human capital.Based on Hausmann’s(2005) model, this paper calculates the sophistication of the export in high-tech industry in 2002-2013. Meanwhile, this paper make empirical analysis with the panel data of 30 provinces in 2003-2013. Further, this paper makes a statistical analysis on the R&D of 319 listed companies in 2007-2014.This paper found that the direct effect of financial innovation have a greater significance role on technological innovation than indirect effects, from the overall perspective. In the directly path, the effectiveness of reduced financing costs brought about significantly stronger than the reduced liquidity risk. In the indirectly path, human capital has achieved the greatest degree of promoting technological innovation.From the perspective of each time period, this paper argues that reduced liquidity risk is most important to technological innovation in 2003-2007 and the reduce of financing costs of external financing is most important in 2008-2013. Foreign direct investment in both time has two different effect direction.From the perspective of sub-regional level, the paper argues that the reduce of financing costs of external financing is most important in the east; human capital is most important in the central regions; and multiple factors are in the west.From the perspective of the direct effect on the micro level of enterprise, financial innovation is conducive to improving cash holdings, increasing the form of equity financing, helping enterprises to increase R&D investment, improving the ability of technological innovation.