全球价值链嵌入与出口企业库存

Global Value Chain Embeddedness and EExport Enterprise Inventory

本文利用微观企业数据,研究嵌入全球价值链程度对出口企业库存的影响及其作用机制。研究发现:嵌入全球价值链程度与出口企业库存呈倒U型关系;在嵌入全球价值链程度较低时,企业提升全球价值链嵌入度将缓解融资约束和提升生产率,进而增加企业库存;在嵌入全球价值链程度较高时,企业提升全球价值链嵌入度将收紧融资约束和降低生产率,进而削减企业库存;嵌入全球价值链程度对出口企业库存的影响因企业类型、贸易方式、行业融资依赖度和民间融资环境的不同而呈现出明显的差异性。通过考察环境因素对企业库存的调节作用,本文发现市场分割会增强全球价值链嵌入引致的企业库存促进效应,政策不确定性会弱化全球价值链嵌入引致的企业库存促进效应。

This paper used firm-level micro data to explore the impact of Global Value Chain(GVC)embeddedness on the inventory of exporting enterprises.The results show that there is an inverted U-shaped relationship between GVC embeddedness and the inventory of exporting enterprises.When the GVC embeddedness degree is relatively low,its improvement will ease financing constraints and improve productivity,thus increasing enterprise inventory.When the GVC embeddedness degree is high,its improvement will tighten financing constraints and reduce productivity,thus reducing enterprise inventories.The impact of the GVC embeddedness degree on the inventory of exporting enterprises is significantly different due to the different types of enterprises,trade modes,industry finan-cing dependence and private financing environment.By examining the moderating effect of environmental factors on enterprise inventory,this paper finds that market segmentation will enhance the inventory boosting effect caused by GVC embeddedness,while policy uncertainty will weaken the inventory boosting effect caused by GVC embeddedness.