金融多中心分布与制造业全球价值链嵌入

Financial Polycentric Distribution and the Embedding in Global Value Chains of Manufacturing Industry

金融供给是制造业参与全球竞争的重要依托。文章在探讨金融集聚对全球价值链竞争的支撑作用的基础上,构建中国各省域和城市群的金融地理多中心指数,继而基于工业企业数据考察金融多中心分布对制造业全球价值链地位的影响和作用机理。研究发现:金融多中心分布能够显著提升我国制造业全球价值链地位,在考虑内生性、控制地方金融发展水平以及改变地理尺度之后,结论仍然稳健;机制分析显示,金融多中心分布能够促进制造业服务化、技术创新、“补短板”和“纠错配”,提升制造业全球价值链地位。进一步研究发现,银行业竞争加剧有助于增强金融多中心分布对制造业全球价值链地位的积极影响。

Financial supply is a key support for manufacturing industry to participate in global competition.Based on the exploration of the support role of financial agglomeration in global value chain competition,this paper constructs a financial geographic polycentric index of provinces and city clusters in China,and then examines the impact and mechanism of the financial polycentric distribution on the global value chain(GVC) status of manufacturing industry based on industrial enterprise data.The study finds that financial polycentric distribution has a significant contribution to the improvement of GVC status of manufacturing industry in China,and this finding remains robust after considering endogeneity,controlling for local financial development levels and changing geographical scales.Mechanism analysis shows that the distribution of financial multi-centers can promote the servitization and technological innovation of manufacturing industry,shore up weaknesses and correct mismatches to enhance its GVC status.Further research finds that intensified competition in the banking sector contributes to enhancing the positive impact of financial polycentric distribution on the GVC status of manufacturing industry.