商业信用能促进中国制造企业全球价值链升级吗?——中国制造业企业商业信用经济效应的检验

Can Trade Credit Promote the Upgrading of Global Value Chain of Chinese Manufacturing Enterprises?The Test of the Economic Effect of Trade Credit in Chinese Manufacturing Enterprises

商业信用对中国制造企业全球价值链升级的影响可能存在不确定性,本文利用世界银行关于中国制造企业的微观调查数据实证检验商业信用的经济效应。结果表明,全球价值链上游企业提供商业信用后,中国制造企业正面效应大于负面效应,有助于中国制造企业全球价值链升级;商业信用对从事全球价值链的中国制造企业存在着“身份特征”差异,全球价值链给予的商业信用对中国私营企业更加重要,而对其他类型企业并不显著;扩大商业信用使用后,会增加全球价值链上游企业外资技术许可授权,产生了“技术外溢”效应,有利于本国制造企业全球价值链升级。因此,全球价值链分工背景下的商业信用是中国制造企业的外部融资来源,是推动中国GVC企业升级的重要因素。

The impact of trade credit on the upgrading of global value chain of Chinese manufacturing enterprises may be uncertain.This paper uses the micro survey data of Chinese manufacturing enterprises from the world bank to empirically test the economic effect of trade credit.The results show that after the upstream enterprises of global value chain provide trade credit,the positive effect is greater than the negative effect,which is helpful to upgrade the global value chain of Chinese manufacturing enterprises;there are“identity differences”between trade credit and Chinese manufacturing enterprises engaged in global value chain:the trade credit given by global value chain is more important to Chinese private enterprises,but not significant to other types of enterprises;after expanding the use of trade credit,it will increase the foreign technology licensing of upstream enterprises in the global value chain,resulting in“technology spillover”effect,which is conducive to the upgrading of the global value chain of domestic manufacturing enterprises.Therefore,under the background of global value chain division of labor,trade credit is the external financing source of Chinese manufacturing enterprises and an important factor to promote the upgrading of Chinese global value chain enterprises.