Research On Global Value Chain Upgrade In Chinese Manufacturing Based On The Finacial Development

Manufacturing is the leading industry in Chinese economy which plays an important role in foreign trade, but the position and added value of Chinese manufacturing industry in the global value chain is still need to improve. In recent years, the continuous development of China’s financial system, broad money growth continues to increase. However, financial development on the real economy, especially the expansion of the manufacturing sector, structural optimization and efficiency improvement effect is not significant, manufacturing transformation and upgrading of the effect is not ideal. In developed countries, the "Made in China 2025" Programme of Action and to promote the introduction of industry, finance, technology and other policy background manufacturing value chain upgrading, the problem is particularly prominent, must be resolved. So the scale of China’s financial development finance, financial structure, there is a kind of financial efficiency is not conducive to the transformation and upgrading of manufacturing obstacles and problems, financial development of China’s manufacturing industry has a global value chain mechanism of how, how to finance development supporting the global value chain of manufacturing needs systemic thinking, in-depth study.Problems Upgrading manufacturing value chain literature focuses more on value chain management, upgrade path, the added value of statistics, etc., but the Financial Perspective Development of China’s manufacturing industry less the value chain and upgrade path literature, spatial measurement methods Empirical Finance Document industry value chain upgrading effect of development are rare. In this paper, based on the development of China’s manufacturing and financial situation and problem analysis, combing the distribution of Chinese manufacturing value chain, trends and factors to explain the development of the manufacturing industry in the global financial worth from the financial scale, financial structure and financial efficiency three dimensions mechanism chain upgrade, the path to explore the realization of China’s manufacturing value chain, analysis of three dimensions at each path to achieve impact strength and policy implications.Situation analysis shows that geographical distance, resource endowments and comparative advantage, human capital, market size, financial development are important factors influencing China’s manufacturing division of the global value chain and upgrading of bank-based, need to be improved allocation efficiency of China’s financial system is closely related to the global Chinese manufacturing value chain, there is a capacity for independent innovation is weak, financial resources and comparative advantage of the mismatch, the low end of the value chain lock and get a lower value-added and other issues. To solve the above problem and needs to sort out further the mechanism of financial development of the value chain upgrading and implementation mechanisms.In this paper, based on the financial development and the basic paradigm of the theory of global value chain, integrated use of technology spillover effect theory and optimal financial structure theory, the financial scale of the manufacturing value chain, the overall analytical framework financial structure and financial efficiency, build mechanism of financial development and the value chain:the financial transactions arising from the development of cost savings and economies of scale while enhancing the technical capacity and human capital elements, promote productive investment and R&D investments to enhance efficiency and achieve manufacturing division and deepening the value chain upgrade. Mechanism of financial development on the upgrading of the manufacturing value chain can be divided into financial scale, structure, financial efficiency of the mechanism of action of the three dimensions.First, the scale of the financial mechanism of the manufacturing value chain upgrading. Financial expansion is conducive to low-cost financing supply, reduce transaction costs the financial industry and manufacturing, promotion of the manufacturing division and raise the level of professionalism; financial expansion in favor of the manufacturing sector access to capital, achieve economies of scale of production, access to additional economies of scale earnings, pushing marginal costs and expand market share; financial expansion in favor of financial capital in the manufacturing industry and capital industry and inter-industry play a positive spillover effect to improve the technical and human capital factors of production capacity, promote technological progress in manufacturing and innovation, longitudinally extending the value chain to higher value-added manufacturing sectors.Second, the financial structure of the manufacturing value chain mechanism. Bank-based financial systems supply relatively low risk appetite, financial supply tends conventional manufacturing sectors; a relatively high multiple supply market-oriented financial system risk appetite, financial supply tends to manufacturing the whole value chain. Financial structure by effectively matching supply and demand of industrial structure, identification and control of industrial innovation in the process of market risk and technology risk, achieve manufacturing products and feature upgrades in the value chain, and promote the overall manufacturing value chain to higher value-added sectors mobile.Third, the financial mechanism of the manufacturing value chain efficiency upgrades. Efficient financial system with improved productive investment and R & D investment decisions production efficiency of financial functions, can provide a better effect of technological progress and innovation effect, promoting their total factor productivity to enhance and promote manufacturing enterprises in global value chains functions and chain upgrading; inefficient financial system due to the strong external financial constraints, companies can not get enough financial resources to research and development, can not fully realize the value chain and upgrade manufacturing technology companies.Based on the size of the financial mechanism of the above, the financial structure and the financial efficiency of the three dimensions of analysis, the four upgrade paths manufacturing value chain, namely transaction costs and economies of scale upgrade path, technology spillover upgrade path, human capital upgrade path matching risk upgrade path. Among them, the financial development of China’s manufacturing value chain path has two characteristics:First, financial development promote efficient coordination of financial resources and domestic and foreign manufacturing, technology spillover effect through convergence with foreign manufacturing technology gap between China gradient along overflow technology upgrade path to promote China’s manufacturing industry value chain; second, financial development promote financial architecture developed by bank-based multi-oriented direction to improve the financial condition of the supply of high value-added manufacturing sectors, along risk match upgrade path to promote China’s manufacturing industry value chain.In empirical terms, were selected from the financial scale, financial structure and financial efficiency of the three dimensions of the impact of global manufacturing value chain position index indicators, econometric model building space, estimated to enhance the effect of financial development on the global manufacturing value chain position index of Discussion financial development index of each dimension of the combined effects of global manufacturing value chain position index. Through financial development of manufacturing global value chain position the role of empirical analysis, from the space spillover effect coefficient, financial development indicators regression coefficients policy implications for China manufacturing value chain upgrading. Use spatial econometric models to create space adjacency matrix, select the national level spatial panel data, Quantitative Finance and Manufacturing Global Value Chain Development spatial position index correlation. The empirical results show that:the financial scale, financial structure and financial efficiency of global manufacturing value chain to enhance the position of the index have a significant positive effect, indicating that financial development can effectively promote the global manufacturing value chain.From the financial development of the manufacturing value chain upgrading the role of the general laws of view, spatial spillover effects of financial development significantly, China’s need to improve the financial system, financial development and improvement of the domestic manufacturing industry and the matching level of foreign direct investment, domestic and foreign manufacturing play technology spillover effect. From the financial scale, financial structure and financial efficiency of the manufacturing industry to upgrade the role of the value chain, both in the case of China to some extent consistent with the international law of development, but the development has its own characteristics, wherein the level of financial development, financial scale, the role of government, finance efficiency, technology market transactions and other indicators of manufacturing value chain upgrading effect is not obvious, just confirms the Allocation of financial resources in the supply of Chinese manufacturing that exist in the policy for the development of China’s financial and manufacturing value chain upgrading developed to provide a theoretical basis and practical guidelines.