金融结构、契约环境与全球价值链地位

Financial Structure, Contractual Environment and Global Value Chain Position

本文系统考察了金融结构与一国全球价值链地位之间的关系。研究发现,市场主导型金融结构显著提高了一国全球价值链地位,克服了内生性和经济波动的影响后,结论依旧稳健。随着一国价值链分工地位的提升,金融市场对其促进作用呈依次递增趋势,然而金融危机会弱化这种积极作用的发挥。进一步研究发现,人力资本提升和研发创新激励是市场主导型金融结构促进全球价值链地位攀升的重要渠道。此外,引入国家契约环境指数发现,契约环境的改善不仅对提升全球价值链地位具有直接促进作用,而且能强化金融市场对全球价值链地位的提升作用。

This paper systematically investigates the relationship between the financial structure and a country s global value chain position from a theoretical and empirical perspective. The empirical results show that the market-oriented financial structure significantly enhances the country s global value chain position and that the conclusions remain robust after overcoming the effects of endogenous and economic fluctuations. With the improvement of the division of labour in the country s value chain, the financial market plays an increasingly important role in its promotion, but a financial crisis weakens this positive role. It is noted that the improvement of human capital and innovation incentive strengthening in R&D are the main channels for promoting the global value chain position through a market-oriented financial structure. With the introduction of the National Contractual Environmental Index, it is found that improving the contractual environment not only directly promotes the position of the global value chain, but also reinforces the role of the financial market when it comes to improving the position of the global value chain.