摘要
文章基于实物期权理论和预防动机理论,考察了宏观环境如何影响全球价值链(Global Value Chain,GVC)分工,实证分析了经济政策不确定性(Economic Policy Uncertainty,EPU)对企业全球价值链分工的影响。文章以固定投资作为中间渠道分析经济政策不确定性的影响机制,研究表明经济政策不确定性不利于企业参与全球价值链分工。该结论在一系列稳健性检验下依然可信。此外,文章还发现良好的制度环境能在一定程度上缓解经济政策不确定性给企业带来的负面影响。
Based on the theory of real option and the theory of precautionary motive,this paper investigates how macro environment affects division of labor in global value chain(GVC)and empirically analyzes the influence of economic policy uncertainty(EPU)on division of labor in GVC of the enterprises.By taking fixed investment as an intermediary channel to analyze the influencing mechanism of EPU,the research reveals that EPU is not conducive to the participation of the enterprises in division of labor in GVC.This conclusion remains valid after a series of robustness tests.Furthermore,it is found that a favorable institutional environment can alleviate the negative influence of EPU on the enterprises to some extent.
出处
《国际经贸探索》
北大核心
2023年第10期80-94,共15页
International Economics and Trade Research
关键词
经济政策不确定性
全球价值链分工
固定投资
制度环境
economic policy uncertainty(EPU)
division of labor in global value chain(GVC)
fixed investment
institutional environment
