全球价值链嵌入可以缓解企业的融资约束吗？

Does global value chain embedding relieve firm's financing constraints?

采用2000—2006年中国工业企业数据库和中国海关数据库的合并数据,使用广义倾向得分匹配法,实证研究了全球价值链嵌入度对企业融资约束的影响效应。研究发现,嵌入全球价值链对于企业的融资约束具有缓解效应。不同类型企业的全球价值链嵌入度与融资约束间的关系不同:从所有制来看,民营企业嵌入价值链获得的融资约束缓解效应最突出,其次是国有企业,外资企业并不十分显著;对于行业外部融资依赖度不同的企业来说,外部融资依赖度越高的企业通过嵌入全球价值链获得越多的融资约束缓解;对于不同金融发展水平地区的企业来说,金融发展水平越高地区的企业在全球价值链中的融资约束缓解效应越突出。最后,从静态及动态两方面进行了机制分析,验证了企业嵌入全球价值链通过增强外商直接投资的吸纳水平、提高地区金融发展水平及提升企业生产效率来缓解其融资约束,且持续经营企业是产生价值链嵌入的融资约束缓解效应的主要来源。

Using the data of＂China Industrial Enterprise Database＂and＂China Customs Database＂from 2000 to 2006,this paper employs the generalized propensity score matching method to empirically study the effect of global value chain embedding on financing constraints of firms. The results show that embedded global value chain can relieve firms＇ financing constraints. Different types of firms have different relationship between the embedded degree of global value chain and the financing constraints. From the perspective of ownership,private firms embedded in the value chain obtains most prominent effect of relieving financing constraints,followed by state-owned firms,while the effect are not very significant for foreign firms.From the perspective of external financing dependency,firms with higher external financing dependency get more financing relief through embedded global value chain. From the perspective of financial development level,the firms located in the regions with higher level of financial development have the most prominent relieving effect of embedded global value chain on financing constraints. Finally,this paper analyzes the mechanism from both static and dynamic aspects,and verifies the firm embedded in the global value chain ease the financing constraints through increase of foreign direct investment and improvement of regional financial development level and firm efficiency,and the continuous operation of firm is the main source of the relieving effect of global value chain embedding on the financing constraints.