| Under the profound changes in the global economic landscape,the number of Chinese enterprises in the global value chain is continuously increasing,and the global value chain embedded companies can get huge dividend.Financing constraints will affect the import and export business,and a sound financial system and a good financing environment can ease the financing constraints of enterprises and reduce the financing costs of enterprises.Therefore,It is particularly important to study the impact of financial market-based financing constraints on the embedding of global value chains and the differential impact of different financing channels.Based on the heterogeneous trade theory,learn from Beverly Lapham(2008)and Mr zhang(2012),the mathematical model of financing constraints and the embedding choice of global value chain under financial market is constructed,to prove theoretically the relationship between financing constraints and heterogeneous global value chain embedding under the financial market.Using China’s Industrial Enterprise Databbase and Customs Database of 390,132 Enterprise Micro-Data from 2000 to 2006,then using the panel probit random method effects,Empirical Analysis on the Relationship between Financing Constraints and Enterprise Global Value Chain Embedding in Financial Market.And further from the regional,technical level,the level of financial development level to analysis.research shows:(1)The more financial constraints the firm faces,the lower the probability of embedding in the global GVC.The further analysis of the non-linear relationship shows that the financing constraints and the embedding of the global GVC are inverted U-shaped.(2)The three financing channels of bank credit,commercial credit and endogenous financing all have a significant impact on the embedding of global value chains,the role of bank credit is positive and the impact is greatest.The role of commercial credit and internal financing is negative,with less impact.(3)The financial marketization can ease the financing constraints of the enterprises under these three financing channels so as to promote the embedding of the global value chain of the enterprises.(4)The impact of financial marketization to mitigate financing constraints on the embedding of global value chains of enterprises varies at different levels.The financial marketization can promote the embedding of the global value chains of enterprises in the western region,non-low-tech enterprises and regions with low financial development level,but it has no obvious promotion effect on the enterprises in the eastern region,low-tech enterprises and high-finance development regions.All empirical results pass the robustness test.In the end,based on improving productivity,improving the financial system and broadening financing channels,the paper puts forward policy recommendations from the perspectives of the government,banks and enterprises,and puts forward future research prospects. |
