Financial Development, R&D Innovation And The Technological Complexity Of My Country's Manufacturing Exports

Export technology complexity,as a comprehensive index to measure export technology content and productivity,provides a new research perspective for international trade,which has been widely concerned by domestic and foreign scholars in the past five years.Some researches show that in addition to foreign direct investment,human capital and other factors,financial development is also the source of technical complexity of a country's export.Under the background of "innovation-driven" strategy,R&D innovation has become the key for the manufacturing industry to change from "quantity oriented" to "quality oriented".Under the background of "new normal" in economy,how to promote financial development innovation,and improve manufacturing export technical complexity has become the urgent matter,therefore,this article from the financial scale,financial structure and financial efficiency of three dimensions on the research of financial development,research and development innovation of China's export manufacturing technical complexity,the influence of and puts forward relevant countermeasures and Suggestions,has important meaning.In the first place,this paper measures the technical complexity of China's financial development,R&D innovation and manufacturing export and analyzes the results in detail.Then,this article from the perspective of financial functions,from the three dimensions were analyzed,and through the accumulation of capital and financial scale economies of scale are two ways to stimulate innovation,improve manufacturing export technical complexity,the financial structure has two resource allocation optimization,risk dispersing mechanism,financial efficiency is through the ascension of the efficiency of conversion from saving to investment to promote research and development innovation investment intensity,raise a country's manufacturing export technical complexity.Second,in the empirical part,the paper selected the financial development indicators in 2007-2016,research and development innovation input intensity index,China's export manufacturing technical complexity metric indicators and other economic variables,respectively from the aspect of manufacturing the whole sample and labor-intensive manufacturing industries,capital-intensive manufacturing,technology-intensive manufacturing three big industry segment examined the level of financial development and innovation of interaction effects on manufacturing exports technology complexity,the empirical results show that: First,the interaction terms of financial scale and R&D innovation input,financial efficiency and R&D innovation input,financial structure and R&D innovation input are all significantly positive,indicating that financial development stimulates the increase of R&D innovation input in manufacturing industry,and then promotes innovation output,which is manifested in the improvement of technical complexity of manufacturing export.Second,from the perspective of industry heterogeneity,the interaction between financial development and R&D innovation input has a greater impact on the export technological complexity of technology-intensive manufacturing than that of capital-intensive and labor-intensive manufacturing.Finally,on the basis of the research conclusion,the corresponding Suggestions are put forward.