| With the increasingly fierce international competition,our foreign trade by quantity export mode is difficult to obtain competitive advantage for enterprises.As an index to measure the quality and technical content of export products,export technical complexity has been widely concerned by scholars at home and abroad.At the same time,digital technology and financial services are gradually deeply integrated,and digital finance is developing vigorously in our country.Finance has become a carriage that pulls our economy and trade growth.In this context,this paper explores the relationship between digital finance and Chinese enterprises export technical complexity,to help enterprises seize this opportunity to optimize technical level for great development.This paper combs the relevant literature on digital finance and export technical complexity,and analyzes the influence mechanism of digital finance on enterprise export technical complexity.The Peking University Digital Finance Index was used to measure the development level of digital finance,and the export technical complexity of Chinese listed enterprises was calculated based on the UN Comtrade database and China Customs trade database from 2011 to 2016,and the current situation of digital finance and export technical complexity of enterprises was analyzed combined with nuclear density estimation.Then,in the empirical part,the panel fixed effect model is used to test the regression results of the samples,and the robustness test is carried out.The two-stage least square method is used to deal with the endogeneity problem.Further,the differences of regression results of enterprises in different regions,industries with different levels of regulation and different ownership types were discussed by samples,and the mechanism test was conducted on the financing constraint effect and FDI technology spillover effect of the theoretical part.The main conclusions of this paper include: first,the development level of digital finance and the technical complexity of enterprise export are on the rise;Secondly,digital finance has a significant positive impact on the technological complexity of enterprises’ export.Thirdly,the promotion effect of digital finance on the technological complexity of enterprises’ export is more significant for enterprises in the eastern and central regions,enterprises in competitive industries and non-state-owned enterprises.Fourth,digital finance can positively influence the technological complexity of enterprises’ export by easing financing constraints and promoting FDI technology spillover.In view of the above conclusions,in order to improve the technological complexity of enterprises’ export,this paper puts forward policy suggestions such as improving the digital financial service system,perfecting the digital financial risk supervision system,accurately improving the technological complexity of enterprises’ export based on heterogeneous strategies,and improving the level of external financing and FDI technology spillover. |
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