金融发展、贸易方式转型与全球价值链升级

发布时间：2018-03-25 06:36

本文选题：金融发展　切入点：融资约束　出处：《华东师范大学》2017年硕士论文

【摘要】：20世纪90年代以来,特别是进入21世纪,全球价值链分工兴起,中国凭借廉价的劳动力通过加工贸易逐步融入并深度嵌入全球价值链分工中,与此同时,却陷入贸易规模和贸易获利能力的严重错配,一方面是超高额的贸易顺差,另一方面是加工贸易引致的全球价值链低端锁定。特别是在近些年,随着外需的持续低迷和我国"人口红利"的逐渐消失,如何转型升级贸易方式,提升我国在全球价值链的地位,以继续保持我国在全球贸易中的竞争优势,已经是摆在当前的一个重大而迫切的问题。本文从金融的角度切入,探讨实现我国贸易方式转型和全球价值链升级的可行性路径。本文首先采用1997-2009年省级面板数据实证研究了金融发展对贸易方式转型的影响,计量结果表明,随着金融业市场化程度提高和信贷资金向非国有企业倾斜,加工贸易的出口份额显著下降,并且该抑制作用对附加值最低的来料加工贸易也同样成立,这一结论在剔除离群值、考虑金融危机的影响和用工具变量对内生性问题进行处理后仍然十分稳健。表明金融发展有力阻滞了加工贸易的开展,推动了贸易方式向一般贸易转型,而不同的贸易方式隐含的全球价值链地位不同,由此,金融发展在推动贸易方式转型的同时也促进了全球价值链升级。为从微观层面更细致深入地研究金融发展对全球价值链升级的影响,本文又采用2005-2009年中国工业企业数据库与中国海关进出口贸易数据库的匹配数据,以出口企业的国内增加值率为视角对中国企业在全球价值链的表现进行考察,发现:(1)加工贸易企业的国内增加值率显著低于一般贸易企业,并且该差距呈现固化的特征,加工贸易的盛行拉低了我国在全球价值链中的地位;(2)企业融资约束改善会显著提高其国内增加值率,这一结论在剔除离群值、考虑金融危机的影响、区分所有制类型等检验后仍然十分稳健,表明企业融资能力增强有利于其在全球价值链中的跃升;(3)融资约束改善带动企业全球价值链升级的作用机制在于促进企业贸易方式向一般贸易转型,并且该作用对非国有企业更为明显。省级层面和企业层面的经验证据均表明,金融发展水平提升、企业融资约束改善,在促进贸易方式转型的同时也带动了全球价值链升级,这就为解决我国长期以来全球价值链被低端锁定的困境提供了一条可行的出路。
[Abstract]:Since the 1990s, especially in the 21st century, the global value chain division of labor has risen. With the help of cheap labor force, China has gradually integrated and embedded in the global value chain division of labor through processing trade. At the same time, But they are caught in a serious mismatch between the scale of trade and the profitability of trade, on the one hand, the super-high trade surplus, on the other hand, the low-end locking of global value chains resulting from processing trade, especially in recent years. With the continuous downturn of external demand and the gradual disappearance of China's "demographic dividend", how to transform and upgrade the trade mode and enhance China's position in the global value chain in order to continue to maintain China's competitive advantage in global trade. It is already a major and urgent problem at present. This paper looks at it from the perspective of finance. This paper discusses the feasible way to realize the transformation of trade mode and the upgrading of global value chain in China. Firstly, using the provincial panel data from 1997 to 2009, this paper empirically studies the impact of financial development on the transformation of trade mode. The measurement results show that, With the increase in the marketization of the financial sector and the inclination of credit funds to non-state-owned enterprises, the export share of processing trade has decreased significantly, and the same effect has been established for the processing trade with the lowest added value. This conclusion excludes outliers. Considering the impact of the financial crisis and the use of instrumental variables to deal with endogenous problems is still very sound. It shows that financial development has been able to block the development of processing trade and promote the transformation of trade mode to general trade, And different ways of trading have different GVCs, so, Financial development not only promotes the transformation of trade mode, but also promotes the upgrading of global value chain. This paper also uses the matching data of China Industrial Enterprise Database and China Customs Import and Export Trade Database from 2005 to 2009 to investigate the performance of Chinese enterprises in the global value chain from the perspective of the domestic value-added rate of export enterprises. It is found that the domestic value added rate of processing trade enterprises is significantly lower than that of ordinary trade enterprises, and the gap shows the characteristics of solidification. The prevalence of processing trade has lowered the position of our country in the global value chain. (2) the improvement of financial constraints on enterprises will significantly increase their domestic value-added rate. This conclusion takes into account the impact of the financial crisis, excluding outliers. The distinction between ownership types and other tests is still very stable, It shows that the enhancement of enterprise's financing ability is beneficial to its jump in the global value chain (3) the mechanism of improving the financing constraint and promoting the upgrading of enterprise's global value chain lies in promoting the transformation of enterprise's trade mode to general trade. The empirical evidence at provincial level and enterprise level shows that the improvement of financial development level and the improvement of corporate financing constraints promote the transformation of trade mode and promote the upgrading of global value chain. This provides a feasible way to solve the problem that the global value chain has been locked at the low end for a long time.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F752.6;F425

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