金融化对企业出口产品复杂度影响研究

本文使用中国A股上市制造业企业,结合海关数据库与CEPII的BACI进出口数据,基于B-样条展开的非参数分位数模型探究金融化对出口技术复杂度的非线性异质影响,发现:(1)金融化对出口复杂度存在非线性影响,在企业配置金融资产初期,金融资产对复杂度主要表现为挤出效应,随着金融资产增加逐渐呈现促进效应。(2)金融化对出口复杂度存在异质影响,低分位点企业随金融化程度不断提高呈现U形特征,而高分位点则表现为倒N形挤出特征。(3)金融化对国企出口复杂度的抑制效应要强于总体水平,对非国企的促进效应则强于总体水平;金融化程度较低时,对高技术企业影响呈现出较强抑制作用。对非高技术行业,在追赶效应影响下更多发挥“蓄水池”作用。研究结论为通过选择合理的金融化水平,达到提升企业出口复杂度目标提供决策依据。

Research on the Impact of Corporate Financialization Behavior on Export Complexity

This paper uses the China A-share listed manufacturing company, the customs database and CEPII BACI import and export data, to truly capture the non-linear heterogeneous impact of financialization of manufacturing industry on the firms' export complexity. The study shows that: (1)In the initial stage of the allocation of financial assets, the impact of financial assets on its export complexity is mainly manifested as crowding out effect. With the increase of financial assets, the promotion effect begins to show up. Specifically, the low-scoring exhibits a “U-shaped” relationship, while the high-scoring points have an “inverted-N-type” relationship. (2)The suppression effect of financialization on the export complexity of state-owned enterprises is stronger than the overall level, and the promotion effect on non-state-owned enterprises is stronger than the overall level, and the middle-high-quantity points are almost linear. (3)For high-tech enterprises, the crowding effect of financialization and the “reservoir” effect have gone through two stages. For non-high-tech industries, under the effect of catch-up effect, financialization will play more role as a “reservoir” and promote the complexity of exporting enterprises.