金融科技对制造业企业嵌入全球价值链的影响研究——基于世界银行调查数据的实证分析

Research on the Influence of Financial Technology on Manufacturing Firms’Global Value Chain Embedment--An Empirical Analysis Based on World Bank Survey Data

利用世界银行对中国制造业企业进行的调查数据和北京大学数字金融研究中心编制的北京大学数字普惠金融指数,采用线性概率模型考察了金融科技对我国制造业企业嵌入全球价值链的影响。研究发现:金融科技的发展显著提升了制造业企业嵌入全球价值链的概率。机制检验表明,金融科技发展水平的提高减缓了企业所面临的融资约束,进而促使制造业企业嵌入全球价值链。此外,拓展性分析表明,金融科技对非国有企业、资本密集型企业、高技术企业以及市场化程度较高地区的企业嵌入全球价值链的正向影响更为强烈。因此"十四五"时期应加大对金融科技的支持力度,同时平衡好金融创新风险与服务实体经济之间的关系,进而充分发挥金融科技对企业嵌入全球价值链的提升作用。

Based on the survey data of Chinese manufacturing enterprises taken by the World Bank and the Peking University Digital Financial Inclusion Index of China,this paper uses linear probability model to investigate the influence of financial technology on manufacturing firms’global value chain embedment.The empirical results show that:financial technology has significantly increased the probability of manufacturing companies embedding in the global value chain.The mechanism test shows that financial technology has eased the financial constraints faced by enterprises,which in turn encourages manufacturing enterprises to embed in the global value chain.In addition,financial technology has a stronger and positive impact on non-state-owned enterprises,capital-intensive enterprises,high-tech enterprises,and enterprises in regions with a higher degree of marketization to embed in the global value chain.Therefore,during the 14 th Five-Year Plan period,it is necessary to increase support for financial technology,and at the same time make a balance between financial innovation risks and serving the real economy,which will give full play to the role of financial technology in enhancing enterprises’embedding in the global value chain.