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本文利用外部金融依赖度、有形资产率两个与金融市场相关的指标对金融发展水平与贸易结构的关系进行了实证分析。通过把贸易行业SITC 4位分类数据转换成工业行业ISIC 3位分类数据后,利用多国行业面板数据,对出口贸易结构进行了回归。6个金融发展水平指标的回归系数都表明,金融发展会促进外部金融依赖度高的行业出口和形成比较优势,但是金融发展不利于有形资产率高的行业出口并且会降低其比较优势。对行业净贸易额和净出口比较优势表示的贸易结构进行稳健性检验,结果进一步证明了金融发展是影响贸易结构和比较优势的一个重要原因。
This paper makes an empirical analysis of the relationship between financial development level and trade structure by using two indicators related to financial markets, such as external financial dependence and tangible assets ratio. After translating the SITC 4-digit classification data from the trade into 3-digit classification data from the ISIC industry, the export trade structure was regressed using multinational industry panel data. The regression coefficients of the six indicators of financial development all indicate that financial development will promote the export of industries with high dependence on external finance and form a comparative advantage. However, financial development is not conducive to the export of industries with high tangible assets and will reduce its comparative advantage. A robust test of the trade structure expressed by the industry’s net trade volume and the comparative advantage of net exports further proves that financial development is an important factor that affects trade structure and comparative advantage.