嵌入全球价值链可以缓解民营企业的贷款难问题吗?

Will Global Value Chains' Participation Reduce Credit Constraints of Private Enterprises?

文章采用2012年世行调查数据考察了嵌入全球价值链对中国民营制造业企业金融信贷的影响。Probit模型的回归结果显示,嵌入全球价值链显著提高了民营企业获得金融信贷的机会。倾向评分匹配法的结果证实存在这种因果关系,文章的结论稳健。但这种正向影响受到政府干预的影响,民营企业所在地区政府对市场的干预程度较强以及信贷资金市场化分配程度较弱均会弱化嵌入全球价值链对民营企业获得金融信贷的促进作用。因而,要缓解民营企业的贷款难问题还要立足于国内政策,加快信贷资金市场化进程。

This paper uses Probit model and PSM to explore GVC participation effects on private manufacturing firms' access to financial credit based on the 2012 World Bank investment and business survey data. The empirical results of Probit model show that global value chains' participation will significantly promote private manufacturing firms' access to financial credit,and PSM confirms the causal effect. Further studies indicate that the effect has been affected by the degree of government interventions. Withmore government involvement in markets and weaker market distribution of credit funds,GVC participation' s positive effect on private manufacturing firms' access to financial credit will be weakened. It is necessary that the government makes efforts to accelerate the process of market distribution of credit funds based on domestic policies in order to reduce credit constraints of private enterprises.