数字金融与中国企业全球价值链地位  

Digital Finance and the Global Value Chain Position of Chinese Enterprises

作　　者：金祥义 张文菲 王喜洋 JIN Xiang-yi;ZHANG Wen-fei;WANG Xi-yang(School of Economics,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000

出　　处：《兰州大学学报(社会科学版)》2024年第6期40-59,共20页Journal of Lanzhou University(Social Sciences)

基　　金：国家自然科学基金青年项目“数字金融驱动中国企业出口价值链升级的机制和政策研究”(72203083);教育部人文社会科学研究青年基金项目“数字技术发展对出口贸易增长的动能研究:作用逻辑和提升路径”(23XJC790008);甘肃省基础研究计划软科学专项“人工智能促进甘肃省污染治理提效的机理研究:作用依据与政策分析”(23JRZA373)。

摘　　要：数字金融发展推动了现代金融体系的变革,优化了信贷资源的配置结构,提高了金融服务的质量,为企业参与全球价值链分工注入新的竞争活力。基于此,系统分析了数字金融发展对企业全球价值链地位的影响。研究发现,数字金融发展有效改善了企业的全球价值链地位,并促进具有分工优势的企业迈向价值链的更高端;数字金融发挥的全球价值链地位的攀升效应,会因样本融资特征的差异而产生异质性作用。机制检验表明,融资约束缓解和出口产品质量升级是数字金融影响企业全球价值链地位的具体渠道。在考虑核心指标衡量方式、城市发展特征、银行信贷服务等多方面的影响,并通过安慰剂检验和工具变量回归解决潜在的内生性问题后,数字金融发展依然提高了企业的全球价值链地位。此外,企业全球价值链地位变化的动态分解结果显示,数字金融能够发挥市场动态竞争的筛选机制,通过资源重配置效应来实现企业全球价值链地位的攀升。因此,扩大数字金融产业发展,优化金融结构来提高信贷资源的分配效率,是推动中国企业向全球价值链高端迈进的重要途径。The development of digital finance has driven the transformation of the modern financial system,optimized the allocation structure of credit resources,and improved the quality of financial services,injecting new competitive vitality into enterprises’participation in the global value chain(GVC)division of labor.The present study systematically analyzes the impact of digital finance development on enterprises’GVC positions.The findings reveal that digital finance effectively enhances enterprises’GVC positions and promotes enterprises with division-of-labor advantages to move toward higher ends of the value chain and The GVC position upgrading effect of digital finance exhibits heterogeneity due to differences in sample financing characteristics.Mechanism tests indicate that the alleviation of financing constraints and the upgrading of export product quality are specific channels through which digital finance influences enterprises’GVC positions.After considering the measurement methods of core indicators,urban development characteristics,banking credit services,and addressing potential endogeneity issues through placebo tests and instrumental variable regressions,the study finds digital finance still improves enterprises’GVC positions.Furthermore,the dynamic decomposition of changes in enterprises’GVC positions shows that digital finance can leverage the market’s dynamic competition screening mechanism to achieve GVC position upgrading through resource reallocation effects.Therefore,expanding the development of the digital finance industry and optimizing the financial structure to improve the efficiency of credit resource allocation are important pathways for advancing Chinese enterprises toward higher ends of the GVC.

关 键 词：数字金融 全球价值链地位 价值链分工 融资约束 数字经济 

分 类 号：F49[经济管理—产业经济] F113