融资约束与制造业GVC地位提升

Financial Constrains and Promotion of Manufacturing' GVC Position

在垂直专业化分工不断深化的背景下,融资约束成为制造业全球价值链(GVC)地位升级的重要制约因素。相对于以往研究,本文以企业层面数据微观测度中国制造业国内增加值率作为新的GVC地位衡量指标,研究融资约束对制造业企业国际分工地位提升的影响。结果表明:中国制造业企业GVC分工地位总体较低,融资约束与中国制造业企业GVC地位提升呈现倒U型关系,较强的融资约束会显著阻碍价值链升级,但进一步区分企业异质性类型之后结果有所不同。同时,本文在金融市场化改革、适度引入外资及要素结构优化等方面提出了针对性建议。

Under the background of deepening vertical specialization,financial constrains works as the key obstacles to promote the GVC position of Chinese manufacturing. Compared to the former research,this paper chooses DVAR based on the firm level data as the new index to measure the GVC position,and analyzes the impact of financial constrains for promotion of GVC status. The result shows that Chinese manufacturing is still in low position of GVC. The financial constrains and GVC position of manufacture in China presents inverted U shape relationship. The severe financial constrains significantly hinders the value chain upgrading of manufacturing,but the empirical result showed diversity if it distinguishes the different types of enterprises.Meanwhile,it gives some advice in the view of financial market reform,proper FDI and factor structure optimization and so on.