银行部门扩张、融资约束缓解与全球价值链嵌入  

Banking Sector Expansion, Financing Constraint Mitigation and Global Value Chain Embedding

作　　者：胡浩然 宋颜群 Hu Haoran;Song Yanqun(School of Economics,Shandong University;School of Finance&Taxation,Shandong University of Finance and Economics)

机构地区：[1]山东大学经济学院,山东济南250100 [2]山东财经大学财政税务学院,山东济南250014

出　　处：《经济科学》2022年第1期20-35,共16页Economic Science

基　　金：山东省自然科学青年基金项目“加工贸易转移对中国区域经济效应的影响研究”(项目编号:ZR2021QG011);中央高校基本科研业务费专项资金项目“外资政策调整对地区间经济差距的影响”(项目编号:2020GN053)的阶段性成果。

摘　　要：本文以银监会143号文带来的银行业市场化改革作为研究案例,从银行部门扩张角度研究其对我国出口企业全球价值链(GVC)嵌入程度的影响。结果显示,银行部门扩张显著提升了我国出口企业的GVC嵌入程度。作用机制检验表明,银行部门扩张缓解了出口企业的融资约束程度,并以此为中介渠道提升了出口企业的GVC嵌入程度。另外,银行部门扩张主要提升了小规模企业、民营企业样本组高融资约束出口企业的GVC嵌入程度,再次验证了银行部门扩张缓解企业融资约束的机制作用。异质性检验发现,银行部门扩张对一般贸易企业和东部地区出口企业GVC嵌入程度的提升作用更大。Taking the market-oriented reform of the banking sector proposed in Document No.143 of the former China Banking Regulatory Commission as a research case, we studied the impact of the reform on the global value chain(GVC) embedding degree of China’s export enterprises from the perspective of the expansion of the banking sector. The results showed that the expansion of the banking sector had significantly improved the GVC embedding degree of China’s export enterprises. The mechanism tests showed that the expansion of the banking sector alleviated the financing constraints of export enterprises, which served as an intermediary path to improve the GVC embedding degree of export enterprises. Moreover, the expansion of the banking sector mainly improved the GVC embedding degree of export enterprises with high financing constraints in the sample groups of small enterprises and private enterprises, which once again verified the mechanism of action for the expansion of the banking sector to alleviate the financing constraints of enterprises. The heterogeneity tests found that the expansion of the banking sector had a greater effect on the GVC embedding degree of general trading enterprises and export enterprises in the eastern region of China.

关 键 词：银行部门扩张 全球价值链 融资约束 市场化改革 

分 类 号：F832.1[经济管理—金融学] F742