Research On The Influence Of Financial Development On The Quality Of Export Product In China

As a big exporter,China has few products that can be positioned as high-end products in the international market,which causes that Chinese export products tend to be large in quantity but low in quality,and it directly leads to the fact that Chinese products can only be positioned at low prices in the international market.The report of the 19 th National Congress stated that "quality first" and "quality power" and required that production should be aligned with international standards.This fully demonstrated that quality work had been highly valued by China,and quality promotion has become the key to solving the problem of imbalance in development.In recent years,the research on the measurement of export product quality and the influencing factors based on micro-databases such as China Industrial Enterprise Database has become a research hotspot in the field of international trade.Since the level of financial development directly affects corporate financing constraints,and thus affects the R&D,production and export of enterprises.Therefore,studying the impact of financial development on the quality of export products has a strong theoretical and practical significance.On the theoretical aspect,this paper analyzes the impact of financial development on the quality of export products from the two aspects of nonlinear influence mechanism and heterogeneity influence mechanism.We believe that due to the existence of nonlinear heterogeneous effects,the low level of financial development is not conducive to the improvement of the quality of export products,neither is the excessive financial development level.On the empirical aspect,this paper calculates the quality of export products from the product level using the micro-data of the Chinese industrial enterprise database and Chinese customs database during 2000-2006,then we analyze its changing trends and its differences between different industries and regions.On this basis,the paper calculates the financial development indicators from the indirect financing channels at the industry level,combines it with the measured quality of export products and does the research using the non-parametric quantile panel method from the three quantiles of 0.1,0.5 and 0.9,then conducts a robustness test.Based on theoretical analysis and empirical tests,this paper finds:(1)The impact of financial development on the quality of export products is nonlinear and heterogeneous,and the impact patterns are significantly different.It presents “inverted N-shaped” characteristic at high quintiles,show a trend of rising first and then maintaining horizontal at middle quintiles and it shows a gradual upward trend after the volatility at low quintiles;(2)The optimal financial development level is differentiated at different quantiles,and it decreases as the quantile becomes lower(The optimal financial levels of high,middle,and low are 0.9284,0.1612,and 0.1328,respectively.);(3)The quality of non-eastern regions and high-tech products is more sensitive to financial development,and the improvement of financial development on the product quality is more significant at low quintiles.The conclusions of this paper indicate that the macro-control of regional financial development should consider the product quality level of the export firms,then find the optimal range for financial development to promote the quality of export products,make good use of it to promote the quality of export products.At the same time,enterprises should also make rational use of the benefits brought by financial development,pay attention to their long-term development,and guard against speculative psychology.