融资约束对中国区域全球价值链嵌入的影响

The Impact of Financial Constraints on China's Regional Global Value Chain Embeddedness

融资约束通过交易成本、要素结构、技术创新等途径影响一国全球价值链嵌入,且影响程度存在区域差异。本文通过将中国区域投入产出表与世界投入产出表相结合,测算了中国八大区域的融资约束程度、在全球价值链中的参与程度以及参与地位,在此基础上实证检验了融资约束对我国区域全球价值链嵌入的影响。结果表明:(1)融资约束是影响全球价值链嵌入的重要因素,影响显著为负;(2)且各区域交易成本、要素结构和技术进步对全球价值链参与度及地位的作用受融资约束的影响;(3)因内源和外源融资约束作用程度不同,融资约束影响程度在各区域间存在明显差异;(4)融资约束对全球价值链前向关联度的提升有显著的阻碍作用,后向关联度则呈现出梯队化特征。上述发现为协调区域全球价值链发展、提高国家整体经济竞争力提供了参考依据。

Financial constraints influence global value chain(GVC)embeddedness through transaction costs,factor input structure,and technological innovation.The degree to which financial constraints play a role varies across regions.We combined China's regional input-output table with the world's input-output table.Furthermore,we estimated the financial constraints,GVC participation and position of China's eight major regions,and empirically tested the impact of financial constraints on China's regional global value chain embeddedness.The empirical results show that:(1)Financial constraints are the key factor which prevents GVC embeddedness.(2)The effects of regional transaction costs,factor input structure and technological progress on GVC participation and position are impacted by financial constraints.(3)Heterogeneity exists between regions due to internal and external financing constraints.(4)Financial constraints significantly hinder the promotion of GVC forward linkages,while backward linkages present echelon characteristics.Our findings suggest that the overall economic competitiveness of China will potentially improve by coordinating on the development of regional GVC.