金融发展与制造业全球价值链分布研究

Research on Financial Development and Distribution of Global Value Chain in Manufacturing Industry

中文关键词:  金融发展规模  金融发展结构  外部融资依赖  资本积累  垂直专业化指数  全球价值链

英文关键词:financial development scale  financial development structure  external financing dependence  capital accumulation  share of vertical specialization  global value chain (GVC)

中文摘要:

      利用44个国家和地区2000—2014年的跨国跨行业面板数据考察各国金融发展水平的差异如何影响制造业全球价值链分布。研究表明:(1)国家金融发展规模、金融发展结构对高、低融资依赖度行业垂直专业化指数有负向影响。(2)国家金融发展水平一定,行业融资依赖度越高,行业垂直专业化指数越低。(3)金融发展不仅对制造业全球价值链分布具有直接影响,还可通过促进资本积累产生间接影响。根据这一研究结果,建议扩大金融发展规模、改善金融发展结构,以有助于降低企业融资成本,吸引更多的高融资依赖度、高附加值生产环节到本国,提高出口中的国内增加值比重,促进制造业向更高价值链地位攀升。

英文摘要:

      Using the cross-industry panel data of 44 economies during the years from 2000 to 2014, this paper examines how the differences resulting from financial development levels of different countries produce an impact on global value chain (GVC) distribution of manufacturing sector. The research shows that:(1) the national financial development scale and the structure of financial development have a negative impact on vertical specialization ratio in high or low financial dependence industry. (2) Given a certain level of national financial development, the higher the dependence of industry financing, the lower the industry vertical specialization ratio. (3) Financial development not only promotes a direct impact on the GVC distribution of the manufacturing industry, but also generates an indirect effect on the accumulation of capital. According to the study, expanding the scale of financial development and improving financial market structure are helpful to reducing the financing cost, attracting more high financial dependence and high value-added production processes to the host country, enlarging the ratio of domestic added value in exporting goods, and promoting the GVC position in the manufacturing industry.