融资约束与全球价值链地位提升——来自中国加工贸易企业的理论与证据

Financing Constraints and Moving Up in the Global Value Chain:Theory and Evidence from Chinese Processing Trade Enterprises

将来料加工和进料加工贸易方式引入理论模型,基于中国工业企业数据和海关数据,实证研究加工贸易企业的融资约束与其全球价值链地位提升的关系,结果表明:高生产率企业从事全球价值链较高环节的进料加工,低生产率企业从事较低环节的来料加工;高价值链环节更可能面临融资约束困境,因而约束小的企业位于价值链的较高环节。即融资约束小和生产率高的企业向高价值链环节攀升的概率更大,且二者可以相互促进,推动企业位于较高的全球价值链环节。这对于促进我国企业全球价值链地位提升和产业转型升级,具有现实意义。

Our empirical research introduces the processing trade in supplied or purchased materials into a theoretical model on the basis of data from Chinese manufacturing enterprises and customs authorities,in a study of the relationship between financing constraints on enterprises in the processing trade and their upward movement in the global value chain.Our findings show that highly productive enterprises process purchased materials and occupy higher positions in the global value chain,while those with low productivity process materials supplied by customers and occupy lower positions in the global value chain.The higher links in the value chain are more likely to suffer from financing constraints,so enterprises with fewer constraints stay higher up the value chain.In other words,enterprises with fewer financing constraints and higher productivity are more likely to move up the value chain.The two factors interact positively,leading enterprises to assume higher positions in the global value chain.This is of immediate significance for encouraging Chinese enterprises to move up the global value chain and upgrade manufacturing industry.