A Systematic Literature Review of the Theory and Policy Research on the Promoting Mechanism of High-Level Financial Opening to Innovative Development of Manufacturing Industry

Abstract

In order to further promote the theoretical research of financial openness and effectively support the innovative development of the manufacturing industry, this paper reviews the domestic and foreign research status of the promotion mechanism of high-level financial opening on the innovative development of the manufacturing industry, and the policy of high-level financial opening to promote the innovative development of the manufacturing industry. At present, the theoretical research on the mechanism of financial opening on enterprise innovation at home and abroad mainly involves three aspects: the mechanism of financial opening on enterprise innovation, the mechanism of foreign banking industry on enterprise innovation, and the mechanism of foreign securities industry on enterprise innovation. Specifically, in terms of financial opening-up, most scholars believe that financial openness will promote enterprise innovation by improving corporate governance capabilities and the proportion of foreign investment. In terms of the opening-up of the banking industry, the entry of foreign banks can promote enterprise innovation through trade promotion effects, financing constraint effects and industry competition effects. In terms of the opening of the securities industry, the opening of the capital market can promote enterprise innovation by reducing the cost of corporate governance. Regarding the policy research on the highlevel opening-up of finance to promote the innovation and development of the manufacturing industry, scholars have different views, most of them believe that the financial opening policy can promote economic development, but it will also bring certain problems. Future research directions: research on the mechanism of foreign-funded insurance industry on enterprise innovation, analysis of multiple effect transmission mechanism; Deepen the high-level opening-up of finance and promote the research on policy coordination issues of China's manufacturing innovation and development.