关键词: 金融化, 出口复杂度, 非线性异质效应, 非参数分位数面板

Abstract: 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.

Key words: financialization, export complexity, nonlinear and heterogenous effect, nonparametric quantile panel