| From the report of the 18 th National Congress of the Communist Party of China(CPC)on“comprehensively improving the level of open economy”,to the report of the 19 th National Congress of the CPC on “promoting the formation of a new pattern of comprehensive opening up”,to the report of the 20 th National Congress of the CPC on “promoting a high level of opening up to the outside world” China’s foreign trade has developed rapidly and its status as a major trading nation has been consolidated.In the process of moving from a large trading country to a strong trading country,it is inseparable from the transformation of Made in China to Create in China,and must rely on the upgrading of export products to upgrade the technology level of Chinese enterprises’ exports.With the saturation of the international market and increased competition,export enterprises need to improve the quality and technological content of their products and reduce costs in order to enhance their competitiveness in the international market.Improving the technological level of enterprises’ exports is a key path to achieving a high level of openness in China,and digital finance,with its digital economy characteristics and financial attributes,has a significant impact on the technological level of enterprises’ exports.This paper first clarifies the micro mechanisms of digital finance-driven technological upgrading of firms’ exports from a theoretical perspective and proposes research inferences.Secondly,the measure of Hausmann et al.(2007)is used to measure the technological complexity of enterprises’ exports based on data from the customs enterprise database,the industrial enterprise database and the innovative enterprise database from 2011-2015.Finally,the digital finance indicators of each prefecture-level city from 2011-2015 are matched with the export technology complexity of enterprises in each place,and the effects and mechanisms of digital finance on the export technology level of Chinese enterprises are investigated using benchmark regression and mechanism tests,and the robustness tests are combined to prove the correctness of the inferences,which are then further analyzed through heterogeneity analysis and dynamic analysis based on panel quantile regression.Based on the results of empirical tests,this study draws the following conclusions: First,digital finance can significantly promote the improvement of the export technology level of enterprises,and the dynamic analysis based on panel quantile regression shows that the enhancement effect presents an inverted “U” shape,that is,it increases first and then decreases.Secondly,through the heterogeneity analysis,it is found that digital finance can significantly promote the technological level of export,no matter the size of enterprises.Especially compared with large enterprises,digital finance has a more significant impact on the export technology level of small and medium-sized enterprises.However,the influence of digital finance on the export technology level of state-owned and collective-controlled enterprises is not significant,but it has a positive effect on private and foreign-controlled enterprises.Thirdly,through the mechanism test,it is found that digital finance improves the export technology level of enterprises by enhancing their innovation ability and easing financing constraints.This study provides a theoretical basis for promoting the improvement of export technology level of enterprises.Based on the research conclusions,this paper believes that the construction of digital financial system should be accelerated,the deep integration of digital finance and traditional finance should be promoted,and at the same time,the digital financial supervision system should be improved to ensure the financial security of export enterprises. |
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