欧洲货币政策冲击与中国企业全要素生产率:基于全球价值链嵌入的视角  

European monetary policy and firm’s TFP in China:Perspective from the global value chains

作　　者：谭小芬 李子若 符大海[3] TAN Xiaofen;LI Ziruo;FU Dahai(School of Economics and Management,Beihang University,Beijing 100191,China;School of Finance,Central University of Finance and Economics,Beijing 102206,China;School of International Trade and Economics,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]北京航空航天大学经济管理学院,北京100191 [2]中央财经大学金融学院,北京102206 [3]中央财经大学国际经济与贸易学院,北京100081

出　　处：《中国软科学》2023年第9期41-52,共12页China Soft Science

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范研究”(20&ZD101)。

摘　　要：欧盟是中国的全面战略伙伴,也是中国最大的贸易伙伴,其政策走势对中国具有重要影响。考察欧洲货币政策冲击对我国企业全要素生产率的影响,并探究其中的作用渠道。结果显示,欧洲货币政策紧缩会抑制我国企业的全要素生产率,而企业参与全球价值链会从两个方面放大这一负向影响:一是会降低企业中间品进口质量;二是会提高企业非产成品库存。这一结论在排除金融摩擦渠道和汇率渠道后仍然成立。进一步研究发现,嵌入全球价值链的位置越处于下游、贸易依存度越高的企业以及外资企业,受到欧洲货币政策的影响越大,而嵌入全球价值链的位置越处于上游、库存规模较大的企业,则可缓解欧洲货币政策的负向冲击。研究结果为优化企业资源要素配置、提升企业生产效率和推动中国经济高质量发展提供了启示与参考。As China’s comprehensive strategic partner and largest trading partner,the EU’s policy trends have an important impact on China.This paper examines the impact and the channel of European monetary policy shocks on the firm’s total factor productivity(TFP)in China.We find that the tightening of European monetary policy has a significantly larger contractionary effect on the firm’s TFP in China,while firms’participation in global value chains(GVCs)amplifies this negative impact in two ways:it reduces the quality of firms’imports of intermediate goods,and raises firms’inventories of non-finished goods.Moreover,firms participated in GVCs that are more downstream and have higher trade dependence,as well as foreign firms,are more affected by European monetary policy,while firms participated in GVCs that are more upstream and have larger inventories can mitigate the negative impact of European monetary policy.This paper provides insights and references for optimizing the allocation of enterprise resources and factors,improving the productivity of enterprises and promoting the high-quality development of China’s economy.

关 键 词：欧洲货币政策 全要素生产率 全球价值链嵌入 

分 类 号：F753[经济管理—国际贸易]