外资嵌入国内大循环与制造业价值链功能升级

The Embedding of Foreign Capital into Domestic Circulation and the Function Upgrading of the Manufacturing Value Chain

外资是服务构建新发展格局的重要力量,其通过嵌入国内大循环、联结国际循环对中国制造业的价值链功能专业化特征产生深刻影响。本文基于区分企业所有制类型的生产分解框架,测度了外资嵌入国内大循环的增加值贡献,理论分析并实证检验了外资嵌入国内大循环对中国制造业价值链功能升级的影响及其作用机制。研究发现,活跃于国内大循环的外资能够显著促进中国制造业迈向价值链高端功能活动环节。机制检验强调,外资能够延长国内产业链长度、提升国内产业链完整度和获利度,进而推动制造业实现价值链功能升级。异质性分析显示,处于内资企业上游位置、服务国内供给端大循环、嵌入低技术密集型制造业、金融危机后的外资成分能够产生更明显的价值链功能升级效应。拓展分析表明,与国外企业的中间品后向关联可以进一步增强外资对中国制造业价值链功能攀升的积极作用。本文不仅验证了外资在畅通国内大循环中的突出作用,也凸显了外资在联通内外循环上的独特优势,从而为新形势下中国更大力度吸引和利用外资赋能制造业高质量发展提供了有力支撑。

The report to the 20th National Congress of Communist Party of China proposed“enhancing the endogenous power and reliability of domestic circulation and improving the quality and level of international circulation.”At present,the industrial foundation of domestic circulation in China is still not solid.The development of China's manufacturing faces some prominent difficulties,such as incomplete domestic industrial chain,weak research and development strength of core components and limited value-added rate.Simultaneously,the international circulation is more complicated and severe.With the tide of“anti-globalization”flooding,the risk of global supply chain breakage has increased sharply,and China's road to achieving functional upgrading of value chain has been frequently blocked.In the process of building a new development paradigm,foreign-owned enterprises are the key force to smooth China's domestic and international circulation.A natural question is whether the embedding of foreign capital into the domestic circulation can overcome the weakness of China's manufacturing,ensure the integrity,security,and resilience of core links in the domestic industrial chains.Solving this question will help to leverage the role of foreign capital in connecting domestic and international circulation,and promote the functional upgrading and the high-quality development of China's manufacturing.Based on the production decomposition framework that distinguishes the types of enterprise ownership,this paper measures the value-added contribution of foreign capital embedded in the domestic circulation,then theoretically and empirically analyzes the influence and mechanism of foreign capital embedded in the domestic circulation on the functional upgrading of the manufacturing value chain.The research findings of this paper include the following.First,the embedding of foreign capital into the domestic circulation can significantly promote China's manufacturing to move towards high-end functional activities of value chain.Second,the mechanism test emphasizes that foreign capital can exert the role of extending,supplementing,and strengthening the domestic industrial chain,and then facilitate China's manufacturing to realize the functional upgrading of value chain.Third,heterogeneity analysis shows that the components of foreign capital that are located in the upstream position of domestic enterprises,serve the domestic supply-side circulation,embed in low-tech intensive manufacturing and after the financial crisis can generate more pronounced effects of functional upgrading.Fourth,the extended analysis reveals that backward linkages with overseas enterprises in intermediate inputs can further enhance the positive role of foreign capital in the functional upgrading of China's manufacturing value chain.The possible contributions of this paper are as follows.First,this paper measures the level of foreign capital embedded in the domestic circulation through the geographical location characteristics of production and consumption,so as to clarify the active degree of foreign capital in the domestic circulation more scientifically.Second,based on the chain-extending,chain-supplementing and chainstrengthening effects brought by the embedding of foreign capital into the domestic circulation,this paper establishes the theoretical connection between foreign capital and functional upgrading of the manufacturing value chain,and enriches the empirical evidence of the economic effects of foreign capital entry.Third,this paper investigates the influence of the interaction between foreign-owned enterprises and overseas enterprises on the functional upgrading trend of China's manufacturing,which can more comprehensively reveal the role of foreign capital in building a new development paradigm.This paper also has some policy implications for China to expand higher-standard opening up.First,improve the business environment to enhance the attractiveness of the local super-sized market,and introduce more policy measures to spur foreign capital quality and quantity.Second,actively guide foreign capital to remove the bottlenecks,link the broken points and cultivate the strong points along the domestic industrial chain of manufacturing.Moreover,make full use of unique advantages of foreign capital in utilizing international resources and exploring international markets,and promote the construction of a mutually beneficial and win-win community of shared interests.