In recent years,technologies such as artificial intelligence,big data analysis,and the Internet of Things have sprung up and have had a greater impact on the development of global value chains.At the same time,the purchasing power of some emerging developing countries has continued to increase,and many products are no longer produced by these countries.Production and then export,but consumption within these countries.The traditional trade model with labor cost as its comparative advantage has begun to change,and it has begun to transform to a trade model with technological and product differences as its comparative advantage.Future technology and product comparisons Advantages may become the main factor that promotes the development of global value chains.Therefore,many countries and companies in the world have begun to invest large amounts of funds in R&D activities and strive to climb the upper reaches of the global value chain.Some of them cannot support R&D activities with their own funds and require external financial support.The level of financial development will affect the external financing constraints that companies are subject to,which in turn affects the global value chain.Exploring how different countries affect the status of the division of labor in the global value chain at different stages of financial development can help countries formulate policies to enhance the status of the division of labor in the global value chain.Great research significance.Based on the research of Long,Riezman and Soubeyran(2005)and Manova(2013),this paper analyzes theoretically how a country’s ability to provide external financial support to enterprises,that is,the level of financial development,affects the status of the division of labor in the global value chain.Developing countries and developed countries have different impacts on the division of labor status in the global value chain when the overall financial development is at different stages.At the same time,the external funds obtained by enterprises mainly come from the stock market and bank credit market.There are differences in the influence of different development stages on the division of labor status in different countries in the global value chain,and corresponding theoretical hypotheses have been put forward.On the basis of theoretical assumptions,this article first uses transnational data to conduct research,selects 19 manufacturing industry data from 35 countries in 2000-2014 in the World Input-Output Table(WIOD2016),and studies the impact of financial development on the division of labor in global value chains.The influence of status and the influence of the degree of dependence on external financing on the division of labor status in different industries in the global value chain.And divided the developed and developing countries,highincome countries and low-income countries,different technology-intensive industries,and different countries with different technology-intensive industries for group discussions.At the same time,considering the impact of the 2008 financial crisis,through constructing dummy variables to study the impact of the financial crisis on financial development,whether there is an impact on the status of the division of labor in the global value chain.At the same time,further expand the research to consider the influence of different types of external funding providers on the division of labor status in the global value chain,that is,to study the different effects of the stock market and bank credit market on the division of labor status in the global value chain.The study found that overall financial development has a nonlinear effect on the division of labor in the global value chain,that is,when the level of financial development has not crossed a certain critical point,financial development has a restraining effect on the division of labor in the global value chain;when the level of financial development exceeds a certain threshold At the tipping point,financial development promotes the division of labor in the global value chain.Generally speaking,when the level of financial development has not crossed a certain critical value,the higher the dependence on external financing of the industry,the more significant the inhibitory effect of financial development on the division of labor in the global value chain;when the level of financial development has crossed a certain critical value,the external industry The higher the degree of financing dependence,the more significant the effect of financial development on the promotion of the division of labor status in the global value chain.In general,the development of the bank credit market has a nonlinear relationship with the status of the division of labor in the global value chain that is first restrained and then increased.The development of the stock market has a linear relationship with the status of the division of the global value chain.The above-mentioned impacts are in developed and developing countries,high-income countries,and There are certain differences between middle-income countries and industries with different technology intensity.The above results are still stable after the endogenousness test and the robustness test. |