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本文通过内生技术进步模型构建了一个分析金融规模、金融效率对出口品技术含量提升的新框架。引入完全国内增加值系数修正了Hausmann(2006)模型,对1991—2009年38国各产业出口品国内技术含量进行了测度。在此基础上,实证分析了金融规模、金融效率对高技术、中高技术、中低技术和低技术产业出口品国内技术含量的提升效应。得出的结论主要有:(1)除传统贸易理论的要素禀赋等因素外,金融发展构成了影响出口品技术含量的重要因素。(2)中国各产业出口品国内技术含量虽有大幅度的提升,但仍处在世界中下水平,且高技术产业出口品的国内技术含量增速缓慢,且低于其他金砖四国。(3)金融总规模、间接融资规模和宏观金融效率对高技术、中高技术、中低技术和低技术产业出口品国内技术含量的提升均有显著的作用。其中宏观金融效率对高技术产业出口品国内技术含量提升效应更为显著,金融总规模和间接融资规模对低技术产业出口品国内技术含量提升效应更为显著。
This paper constructs a new framework to analyze the financial scale and financial efficiency to enhance the technological content of export products through the endogenous technological progress model. The Hausmann (2006) model is introduced by introducing the full domestic value added coefficient, and the domestic technical content of exports of various industries in 38 countries from 1991 to 2009 was measured. On this basis, the positive effect of financial scale and financial efficiency on the domestic technological content of exports of high-tech, middle-high tech, low-tech and low-tech industries was analyzed empirically. The main conclusions are as follows: (1) In addition to the factor endowments of traditional trade theory and other factors, financial development constitutes an important factor that affects the technical content of exports. (2) Although the domestic technological content of China’s exports of various industries has risen substantially, it is still at the middle and lower reaches of the world. The domestic technological content of exports of high-tech industries has been growing at a slower pace than that of the other BRICs. (3) The total financial scale, indirect financing scale and macroeconomic efficiency have a significant effect on the improvement of the domestic technological content of exports of high-tech, medium-high tech, low-tech and low-tech industries. The effect of macroeconomic efficiency on the promotion of domestic technological content of high-tech industry exports is even more significant. The total financial scale and indirect financing scale have a more significant effect on improving the domestic technological content of exports of low-tech industries.