企业金融化与制造业全球价值链攀升: “催化剂”还是“绊脚石”

Corporate Financialization and the Upward Movement of Manufacturing GVCs: “catalyst” or “stumbling block”

摘要:

在高质量发展的背景下,实现制造业企业在全球价值链中的地位提升,关键在于协调和平衡实体经济与虚拟经济之间的关系。为此,以中国制造业上市企业作为研究对象,围绕制造业企业的金融化行为与其全球价值链地位之间的关系展开研究,尝试探讨企业金融化对制造业全球价值链地位的影响效应及作用渠道。结果显示:首先,企业金融化阻碍了制造业企业全球价值链地位的提升,融资约束和企业创新是其主要作用渠道;其次,融资融券制度和股权激励能够减缓企业金融化对制造业全球价值链地位的负面影响;最后,企业金融化对制造业全球价值链地位的影响效应在企业性质、行业要素密集度和区域异质性方面存在异质性。

Abstract:

In the context of high-quality development, the key to realizing the position of manufacturing enterprises in the global value chain (GVC) is to coordinate and balance the relationship between the real economy and the virtual economy. Listed Chinese manufacturing enterprises were taken as the research object; the relationship between manufacturing enterprises’ financialization behavior and their GVC positions was examined, and an investigation was conducted into the economic impacts of enterprise financialization on GVC positions and the corresponding channels of action. The results show that corporate financialization hinders the enhancement of manufacturing enterprises’ GVC status, and is mainly inhibited through the two channels of corporate financing constraints and innovation capacity. The implementation of financing and securities policies and equity incentive systems can mitigate the negative impact of financialization on the GVC position of manufacturing firms. Finally, the effects of corporate financialization on manufacturing firms’ GVC positions are heterogeneous in terms of firm nature, industry factor intensity and regional heterogeneity.