数字金融对制造业全球价值链分工地位的影响研究

Impact of Digital Finance on Division Position in Global Value Chain of Manufacturing Industry

文章选取2007—2021年中国上市制造业企业面板数据,运用计量回归模型、调节效应模型与中介效应模型,深入探究数字金融对制造业全球价值链分工地位的影响机制。研究结果显示:数字金融与制造业全球价值链分工地位呈显著的“倒U”型曲线关系,且该曲线关系会受营销环境的调节,即良好的营销环境会使曲线形态收窄、拐点右移、整体水平提高。作用机制检验发现,数字金融既可通过缓解融资约束提升制造业全球价值链分工地位,也可通过增加企业杠杆率降低制造业全球价值链分工地位。进一步研究发现,营商环境的调节作用在高技术型、技术密集型制造业全球价值链分工地位的“倒U”型关系中更显著。

This paper selects the panel data of Chinese listed manufacturing enterprises from 2007 to 2021,and uses the econometric regression model,regulatory effect model and intermediary effect model to deeply explore the impact mechanism of digital finance on the position of manufacturing global value chain division.The research findings are as the following:There is a significant inverted U curve relationship between digital finance and the position of manufacturing global value chain division,and this curve relationship will be regulated by the marketing environment,that is,a good marketing environment will narrow the curve shape,shift the turning point to the right,and improve the overall level.The mechanism test finds that digital finance can not only improve the position of manufacturing global value chain division by reducing financing constraints,but also increase the leverage ratio of enterprises and weaken the position of manufacturing global value chain division.Further research finds that the regulatory effect of the business environment is more significant in the inverted U-shape relationship of the position of global value chain di-vision of high-tech and technology-intensive manufacturing industries.