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本文使用中国省区细分行业的数据和一系列反映金融发展的指标,检验了金融发展对于中国省区制造业出口的影响,同时观测了汇率变动对于各省区行业出口绩效的影响。在控制了各省区要素禀赋以及基础设施条件后发现,在金融发展水平高的省份,高融资依赖性的行业具有较高的出口份额。此外,金融发展有利于融资依赖性行业抵御外部汇率冲击带来的负面影响,扩大市场份额。在选取工具变量以及采取IVTobit模型克服模型的内生性后,结果依然稳健。
In this paper, we use the data of China’s subdivision industries and a series of indicators that reflect the development of finance to test the impact of financial development on manufacturing exports in China’s provinces and autonomous regions. We also observe the impact of exchange rate changes on export performance of industries in various provinces and autonomous regions. After controlling for the provincial endowment factor endowments and infrastructure conditions, it was found that, in provinces with high levels of financial development, industries with high financing dependence have a high share of exports. In addition, the financial development is conducive to financing the dependence on the industry to withstand the negative impact of external exchange rate shocks, expanding market share. After selecting the tool variables and taking the IVTobit model to overcome the endogeneity of the model, the results remained robust.