数字金融与全球价值链嵌入——基于跨国数据的实证研究  

Digital Finance and Global Value Chain Embedding--Evidence from Cross-Country Data

作　　者：孙红燕[1] 崔婉琴 Sun Hongyan;Cui Wanqin(School of Economics,Hefei University of Technology)

机构地区：[1]合肥工业大学经济学院

出　　处：《国际金融研究》2025年第3期27-38,共12页Studies of International Finance

基　　金：国家自然科学基金面上项目“不确定性与核心技术差距双重约束下内需变动对外贸稳定性与韧性的影响研究”(72373035)资助。

摘　　要：本文根据二十国集团2016年通过的升级版《G20普惠金融指标体系》,从数字金融获取和使用两个维度构建跨国数字金融指数,探索数字金融与全球价值链嵌入之间的关系。研究发现:第一,数字金融发展不平衡现象较为突出。不同地区、不同收入水平以及不同发展程度国家的数字金融发展存在较大差异。第二,数字金融对全球价值链嵌入产生倒U型影响。机制分析表明,数字金融对中小企业融资约束产生U型影响,而中小企业融资约束对全球价值链嵌入产生负面影响;数字金融对中小企业技术创新产生倒U型影响,而中小企业技术创新对全球价值链嵌入产生正面影响。第三,调节效应分析发现,金融开放和货币供应量强化了数字金融与全球价值链嵌入之间的倒U型关系。本文的研究发现有助于更好地认识全球数字金融发展不平衡问题,为数字金融赋能贸易高质量发展、促进全球产业分工合作以及提高国际循环质量和水平提供参考。This paper constructs a cross-national digital finance index based on the upgraded G20 Financial Inclusion Indicators adopted by the G20 in 2016.It examines the relationship between digital finance and global value chain(GVC)embedding from the perspective of access and usage of digital finance.The study reveals several findings.Firstly,the imbalanced development of digital finance is quite pronounced,with significant disparities observed in digital finance development across different regions,income levels,and stages of development among countries.Secondly,digital finance exerts an inverted U-shaped effect on GVC embedding.Mechanism analysis indicates that digital finance has a U-shaped effect on the financing constraints of small and medium-sized enterprises(SMEs),which in turn negatively affect GVC embedding.In contrast,digital finance exhibits an inverted U-shaped effect on technological innovation in SMEs,which has a positive impact on GVC embedding.Thirdly,moderating effect analysis shows that financial openness and money supply enhance the inverted U-shaped relationship between digital finance and GVC embedding.This study enhances understanding of the imbalances in global digital finance development and offers insights into leveraging digital finance to promote high-quality trade,global industrial cooperation,and improved international circulation quality.

关 键 词：数字金融 全球价值链 融资约束 技术创新 

分 类 号：F833[经济管理—金融学]