网络基础设施建设与企业全球价值链嵌入——基于“宽带中国”战略的准自然实验

Network Infrastructure Construction and Enterprise Global Value Chain Embedding——Based on the Quasi-natural Experiment of the “Broadband China” Plan

本文利用中国上市公司数据与中国海关数据库来测算企业全球价值链嵌入度,基于“宽带中国”战略的准自然实验,采用双重差分法评估了网络基础设施建设对企业参与全球价值链的影响及其作用机制。研究结果表明:网络基础设施建设对企业全球价值链嵌入度具有显著的提升效应,该提升效应对高科技企业与非国有企业更大;网络基础设施建设通过提高企业商业信用、客户集中度以及推动企业进行盈余管理的中介机制提升了企业全球价值链嵌入度。因此,通过加强网络基础设施建设来对冲全球价值链“脱钩”风险是中国的有效政策选项。

Using the Differences-in-Differences method,this study assessed the influence of network infrastructure construction on firms’ participation in the global value chain and its mechanism based on the quasi-natural experiment of the “Broadband China” plan.The results indicate that the creation of network infrastructure has a considerable impact on organizations’ global value chain embeddings,with the impact being bigger for high-tech enterprises and non-state-owned businesses.Further analysis reveals that the creation of network infrastructure enhances the enterprise’s integration into the global value chain by boosting the enterprise’s commercial credit,client concentration,and promoting the earnings management mechanism of intermediaries.Therefore,China can effectively hedge the risk of the decoupling of the global value chain by increasing network infrastructure construction.