Analysis On The Impact Of Financial Development On Export Diversification Of Manufacturing Industry

Since the reform and opening up,we develop rapidly in foreign trade and export volumes,while export product structure is relatively concentrated,so that the steady development of the domestic economy highly vulnerable to external shocks such as the financial tsunami.Thus China is trying to find measures to promote exports and steady economic development.Export diversification has been proven to be one of an effective tool to promote trade,to improve terms of trade and to promote the stable development of economy.At the same time,the level of financial development which is closely related to a country's exports has also been greatly improved,financial development ease corporate financing constraints,help enterprises export,the impact of the new varieties of export.In view of this,on the financial development affect the level of diversification of exports,and what differences in the effects of different factors on intensive industry,which will have important theoretical and practical significance.Taking into account the representation of manufacturing exports in total exports of the country,we study the effect of financial development on diversification of manufacturing exports from the industry point of view.Firstly,according to the financial development theory,by reducing financing constraints,promote technological progress and attract foreign investment in three ways analysis of the financial development of export diversification Mechanism.Secondly,re-measure the level of export diversification of China's manufacturing industry and three different intensive industries,and analyzes the recent trends and causes.Then,based on the relevant data of China's manufacturing industry from 2002 to 2013,and constructed panel data model of different industry.The empirical analysis of financial scale,efficiency,structure affected the export diversification of our country's manufacturing industry and different factor intensity.Finally,based on the empirical conclusion,by improving the financial markets,a reasonable choice of foreign direct investment,increase their R&D investment of attention,the quality of workers,these four perspectives of the relevant departments and enterprises put forward relevant policy recommendations.Studies have shown that:Firstly,the different elements of both manufacturing intensive industry,the financial scale of the development,financial efficiency,and financial restructuring have a significant positive effect on the export diversification.Secondly,the extent of impact on different industries is different.By comparing the empirical results,we can see the impact of financial development on the largest capital-intensive industries,followed by technology-intensive industries,while labor-intensive industries are minimal.Thirdly,other explanatory variables herein may also have a significant impact diversification of manufacturing exports,including wages,capital of the state-owned manufacturing overall average export diversification negative relationship to water,and the scale of the industry,R&D investment and labor productivity for manufacturing exports diversification level there is a significant positive effect.