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

To further enrich the research on the promotion mechanism of high-level financial openness on the innovation of the manufacturing industry, this article summarizes the domestic and foreign research on the impact mechanism of financial openness. Currently, the domestic and foreign studies are mostly based on the characteristics of different financial industries, including the role of opening-up on enterprise innovation and its influence on the bank industry; the effect of foreign direct equity participation on enterprise innovation and its influence on the securities industry; the impact of the host country on the innovation of insured companies and its influence on the insurance industry. Future research directions may include deepening research on the transmission mechanism of high-level financial openness on manufacturing innovation and expanding research methods for the impact mechanism of high-level financial openness on manufacturing innovation development.