全球价值链嵌入环节差异对资本回报率的影响研究——基于WIOD投入产出数据的分析  

Impact of Global Value Chain Embedded Link Differences on Capital Return:An Analysis Based on Input-output Data of WIOD

作　　者：杨君[1] 许月丽[2] 吕品[1] YANG Jun;XU Yueli;LV Pin(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China;School of Economic and Trade,Guangdong University of Foreign Studies,Guangzhou 510420,China)

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018 [2]广东外语外贸大学经贸学院,广东广州510420

出　　处：《南京财经大学学报》2018年第6期15-27,共13页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金项目(17CJL044)

摘　　要：采用世界投入产出最新数据测度了42个国家和中国制造业的全球价值链嵌入程度,然后通过构建理论模型,基于嵌入环节异质性视角实证分析了全球价值链嵌入对资本回报率的影响机制。结果表明,发达国家全球价值链嵌入水平明显高于发展中国家,且两者差距在扩大;发达国家前向和后向嵌入全球价值链均导致了资本回报率下降,但因存在规模扩张效应而提升了资本回报额;发展中国家仅后向嵌入全球价值链能够促进资本回报率和资本回报额增长,但"低端锁定"会导致资本回报率提升效应难以长期存续;中国技术密集型行业嵌入全球价值链对资本回报率的促进作用更为明显,但资本回报率增长仍存在"低端与后向嵌入依赖"的特征。Based on world input-output data,this paper measures the degree of global value chain embeddedness of 42 countries and Chinese manufacturing industries,and analyzes empirically the influencing mechanism of global value chain embeddedness on capital return based on the theoretical model and the heterogeneity perspective of embedded link.The following are the main conclusions.The level of global value chain embedded in developed countries is significantly higher than that in developing countries,and the gap between them is expanding.There is embedded link and national heterogeneity in the influence of the global value chain embeddedness on capital return.Forward and backward embeddedness global value chain in developed countries have led to a decrease in capital return,but capital returns is increased due to the scale expansion effect.In developing countries,only backward embeddedness can promote the growth of capital return rate and capital return,but the“low-end locking”will make it difficult to maintain the lifting effect of capital return rate in the long run.The embeddedness of China s technology intensive industries in global value chain has more obvious effects on the rate of capital return,but the growth of capital return still has the characteristics of“low end and backward embedding dependence”.

关 键 词：全球价值链嵌入 资本回报率 前向参与率 后向参与率 

分 类 号：F746.12[经济管理—国际贸易]