The Empirical Research Into The Influence Of Financial Development On Export Technological Structure

"The Belt and Road Initiative" aims to strengthen the openness and accelerate the cooperation of international trade among countries. As an export-oriented country, foreign trade development mode is in urgent need to transform and the enhance of export technological sophistication becomes one of the key ways. Meanwhile, due to the imbalanced economic development between various regions in China, more attention should be paid to study whether there are huge differences about export technological sophistication between regions. At the same time,financial development which is an important factor of economic growth should be paid more attention. Under the basis of imbalanced allocation of financial resources, regional differences in the level of financial development should be test whether have the same influence on export technological sophistication. So this paper studies the impact of financial development on export technological structure respectively from theoretical and empirical point of view.Based on the background of trade structure upgrading and the strategy of financial deepening reform, this paper studies the impact mechanism of financial development on export technological structure after knowing the theoretical and practical significance of the impact of financial development on export technological structure. The paper analyzes the mechanism of financial development to export technological structure from static and dynamic aspects after the definition of financial development and export technological structure. Then this paper measures financial development with the method of factor analysis and export technological structure with the method of weight assignment based on comparative advantage respectively. What’s more, the paper also compares the financial development and export technological structure of the east, middle and west area of China. The result shows that their financial development and export technological structure represent staged development, the east area the highest and the west area the least with the trend of gap expansion. The paper then employs international trade theory and constructs the empirical model of the influence of financial development on export technological structure. We select the panel data of 30 provinces in China from the year of 2007 to 2011 and empirically analyze how the financial development influences export technological structure. The methods of static panel and dynamic GMM are adopted successively to analyze the influence of financial development on export technological structure in order to overcome the endogenous problems. The results showed that the financial development have a significant positive effect both in static and dynamic panel analysis on the export technological sophistication; the regional financial development have different influences on the export technological structure, the eastern financial development have greater contribution than the middle and the western.Finally, based on the measure results and empirical research conclusion, the paper forwards some relevant suggestions and provides recommendations for effective function of financial development on export technological structure.