外资进入与中国全球价值链地位:低端锁定还是高端攀升?

Foreign Investment and China's Position in Global Value Chain:Low-end Locking or High-end Climbing?

外资进入作为驱动全球价值链发展的关键力量,通过技术溢出效应与资本溢出效应,深刻影响中国全球价值链地位。选取中国2005—2021年268个地级及以上城市数据,借助面板固定效应模型与面板门槛模型验证外资进入对中国全球价值链地位的作用机制及异质性影响。研究发现:外资进入与中国全球价值链地位存在倒“U”型影响关系,即伴随外资进入程度不断提升,中国全球价值链地位呈现先上升后下降态势,且该结果在内生性及一系列稳健性检验后仍成立。进一步研究表明:金融发展水平较低地区的全球价值链地位会随外资进入程度提高而降低,金融发展水平中等及较高地区的全球价值链地位则因外资进入程度提高而攀升。据此,应完善外资市场准入环境、加速优化外资利用结构并制定配套金融支持政策。

Foreign investment,as a key force driving the development of the global value chain,has deeply influenced China's position in the global value chain through technology spillover effects and capital spillover effects.Based on the data of 268 cities at and above the prefecture level in China from 2005 to 2021,this paper uses the panel fixed effect model and panel threshold model to verify the mechanism and heterogeneous impact of foreign investment on China's position in the global value chain.It is found that there is an inverted U-shaped relationship between foreign investment and China's position in the global value chain,that is,with the continuous improvement of foreign investment,China's position in the global value chain shows a trend of rising first and then declining,and this result still holds after endogenous and a series of robustness tests.Further research shows that the position of the global value chain in regions with a low level of financial development will decrease with the increase of foreign investment,while the position of global value chain in regions with medium and high financial development levels has risen due to the increase in foreign investment.Accordingly,we should improve the market access environment of foreign investment,accelerate the optimization of the utilization structure of foreign investment and formulate supporting financial support policies.