关键词: 金融发展, 出口产品质量, 非参数分位数面板, 非线性异质效应

Abstract: Chinese export products tend to be large in quantity but low in quality, which directly leads to the fact that Chinese products can only be positioned at low prices in the international market. This paper calculates the quality of export products from the product level as well as the finance development indicators from the indirect financing channels at the industry level using the micro-data of the Chinese industrial enterprise database and Chinese customs database during 2000~2006, then the paper combines the data with the nonparametric quantile panel method to do the research. The results show that: (1)The impact of finance development on the quality of export products is nonlinear and heterogeneous, and the impact patterns are significantly different. It presents “inverted N-shaped” characteristic at high quintiles; (2)The optimal financial development level is differentiated at different quantiles, and it decreases as the quantile becomes lower; (3)The quality of non-eastern regions and high-tech products is more sensitive to finance development, and the improvement of finance development on the product quality is more significant at low quintiles.

Key words: financial development, quality of export product, nonparametric quantile panel, nonlinear and heterogeneous effect