本文選題：金融發(fā)展　切入點(diǎn)：融資約束　出處：《華東師范大學(xué)》2017年碩士論文

【摘要】：20世紀(jì)90年代以來,特別是進(jìn)入21世紀(jì),全球價值鏈分工興起,中國憑借廉價的勞動力通過加工貿(mào)易逐步融入并深度嵌入全球價值鏈分工中,與此同時,卻陷入貿(mào)易規(guī)模和貿(mào)易獲利能力的嚴(yán)重錯配,一方面是超高額的貿(mào)易順差,另一方面是加工貿(mào)易引致的全球價值鏈低端鎖定。特別是在近些年,隨著外需的持續(xù)低迷和我國"人口紅利"的逐漸消失,如何轉(zhuǎn)型升級貿(mào)易方式,提升我國在全球價值鏈的地位,以繼續(xù)保持我國在全球貿(mào)易中的競爭優(yōu)勢,已經(jīng)是擺在當(dāng)前的一個重大而迫切的問題。本文從金融的角度切入,探討實(shí)現(xiàn)我國貿(mào)易方式轉(zhuǎn)型和全球價值鏈升級的可行性路徑。本文首先采用1997-2009年省級面板數(shù)據(jù)實(shí)證研究了金融發(fā)展對貿(mào)易方式轉(zhuǎn)型的影響,計量結(jié)果表明,隨著金融業(yè)市場化程度提高和信貸資金向非國有企業(yè)傾斜,加工貿(mào)易的出口份額顯著下降,并且該抑制作用對附加值最低的來料加工貿(mào)易也同樣成立,這一結(jié)論在剔除離群值、考慮金融危機(jī)的影響和用工具變量對內(nèi)生性問題進(jìn)行處理后仍然十分穩(wěn)健。表明金融發(fā)展有力阻滯了加工貿(mào)易的開展,推動了貿(mào)易方式向一般貿(mào)易轉(zhuǎn)型,而不同的貿(mào)易方式隱含的全球價值鏈地位不同,由此,金融發(fā)展在推動貿(mào)易方式轉(zhuǎn)型的同時也促進(jìn)了全球價值鏈升級。為從微觀層面更細(xì)致深入地研究金融發(fā)展對全球價值鏈升級的影響,本文又采用2005-2009年中國工業(yè)企業(yè)數(shù)據(jù)庫與中國海關(guān)進(jìn)出口貿(mào)易數(shù)據(jù)庫的匹配數(shù)據(jù),以出口企業(yè)的國內(nèi)增加值率為視角對中國企業(yè)在全球價值鏈的表現(xiàn)進(jìn)行考察,發(fā)現(xiàn):(1)加工貿(mào)易企業(yè)的國內(nèi)增加值率顯著低于一般貿(mào)易企業(yè),并且該差距呈現(xiàn)固化的特征,加工貿(mào)易的盛行拉低了我國在全球價值鏈中的地位;(2)企業(yè)融資約束改善會顯著提高其國內(nèi)增加值率,這一結(jié)論在剔除離群值、考慮金融危機(jī)的影響、區(qū)分所有制類型等檢驗(yàn)后仍然十分穩(wěn)健,表明企業(yè)融資能力增強(qiáng)有利于其在全球價值鏈中的躍升;(3)融資約束改善帶動企業(yè)全球價值鏈升級的作用機(jī)制在于促進(jìn)企業(yè)貿(mào)易方式向一般貿(mào)易轉(zhuǎn)型,并且該作用對非國有企業(yè)更為明顯。省級層面和企業(yè)層面的經(jīng)驗(yàn)證據(jù)均表明,金融發(fā)展水平提升、企業(yè)融資約束改善,在促進(jìn)貿(mào)易方式轉(zhuǎn)型的同時也帶動了全球價值鏈升級,這就為解決我國長期以來全球價值鏈被低端鎖定的困境提供了一條可行的出路。
[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.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832;F752.6;F425

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本文編號：1661970