全球价值链位置如何影响企业盈利能力  

How Does the Position in Global Value Chain Affect the Profitability of the Enterprises

作　　者：张志明 杜明威 耿景珠 ZHANG Zhiming;DU Mingwei;GENG Jingzhu

机构地区：[1]内蒙古财经大学商务学院 [2]辽宁大学国际经济政治学院

出　　处：《国际经贸探索》2025年第3期58-74,共17页International Economics and Trade Research

基　　金：国家社会科学基金重点项目(24AJL010);“广东特支计划”青年文化英才特别委托项目(GD24VTC10)。

摘　　要：文章借助三阶段垄断竞争模型探讨了企业全球价值链位置与其盈利能力间非线性关系的理论机制,分析得出全球价值链高端环节与低端环节间生产率之差小于相应的进入成本之差是形成二者间倒“U”型关系的必要条件。进一步地,基于中国微观数据的实证检验发现,中国企业全球价值链位置与其盈利能力间呈现显著的倒“U”型“武藏曲线”关系,位居全球价值链中游阶段的企业盈利能力最强,该结论经过一系列稳健性检验后仍然成立。异质性分析表明,中国企业全球价值链位置与其盈利能力间的倒“U”型关系仅显著存在于私营企业、外资企业、从事加工与混合贸易的企业以及位处高市场化程度地区的企业。文章为优化中国企业参与全球价值链的利益分配和促进企业全球价值链地位的攀升提供了有益启示。This paper explores the theoretical mechanism of the non-linear relationship between the position of the enterprises in global value chain(GVC)and their profitability with the help of the three-stage monopolistic competition model,and concludes that the necessary condition for the inverted U-shaped relationship between the two is that the gap in productivity between the high-end and low-end segments of GVC is smaller than the gap in the corresponding entry costs.Furthermore,the empirical test based on the micro data of China reveals that there is a significant inverted U-shaped“crying curve”relationship between the position of China's enterprises in GVC and their profitability,and the enterprises in the middle reaches of GVC have the strongest profitability.This conclusion still holds true after a series of robustness tests.Heterogeneity analysis shows that the inverted U-shaped relationship between the position of China's enterprises in GVC and their profitability only exists significantly in private enterprises,foreign-funded enterprises,the enterprises engaged in processing and mixed trade,and the enterprises located in the regions with a high degree of marketization.This paper provides useful insights for optimizing the distribution of benefits for China's enterprises when participating in GVC and promoting the upgrading of the position of the enterprises in GVC.

关 键 词：全球价值链位置 盈利能力 微笑曲线 武藏曲线 

分 类 号：F752[经济管理—国际贸易] F279[经济管理—产业经济]