Research On The Impact Of Bidirectional Reconstruction Of Value Chain On Enterprise Export Resilience

With the continuous intensification of trade frictions between China and the United States in recent years,the global economic and trade situation has undergone drastic changes,and anti globalization is accelerating;At the same time,the impact of the global epidemic has made issues such as a deep recession of the world economy,a significant contraction in international trade and investment,and the rupture of the global value chain more prominent.The global trade relationship has shifted from multilateral trade to regional and bilateral trade,and based on this,relevant industries have been restructured.The global industrial layout has become more dispersed,and the trend of global value chain transfer to domestic and specific regions has become more obvious.In order to cope with the complex international economic and trade situation and achieve the climb of the value chain during the reconstruction process,the central government proposed a new development model of "domestic international dual circulation" in May 2020.On the one hand,it accelerated the improvement of China’s own technological innovation system,enhanced the original innovation capacity of China’s manufacturing industry,and occupied the core links of the value chain division of labor;On the other hand,increasing external investment,with the integration of "localization" and "regionalization" as the main line,promotes the transfer of the value chain to domestic and specific regions,and achieves two-way reconstruction of the value chain.So,can the bidirectional restructuring of the value chain improve the export resilience of enterprises? What is the impact mechanism of bidirectional restructuring of the value chain on the export resilience of enterprises?The in-depth exploration of this issue is beneficial for China to maintain the stability of its foreign trade and achieve the overall climb of the value chain in the process of value chain reconstruction.This article explores the impact of the restructuring of regional and domestic value chains on the export resilience of Chinese enterprises since 2001,using matching data from the World Input Output Table(WIOD),China Customs Database,and China Industrial Enterprise Database for foreign trade enterprises from 2001 to2013.This paper constructs an index of enterprise export resilience by referring to the measurement methods of relevant scholars on export resilience.At the same time,it introduces the indicators of two-way reconstruction of the value chain,and constructs a double difference model and a mesomeric effect model including two-way reconstruction of the value chain and enterprise export resilience.We examined the impact of bidirectional restructuring of the value chain on the export resilience of enterprises.The research results indicate that when the value chain division of labor shifts to domestic and specific regions,it significantly improves the export resilience of enterprises.Heterogeneity testing indicates that the impact of bidirectional restructuring of the value chain on the export resilience of enterprises varies significantly depending on their regional location,types of ownership,and trade methods;In the robustness test,the regression analysis was carried out from two aspects of changing the measurement method of export product resilience and changing the estimation method,and the conclusion was still significant.Further mechanism testing indicates that the bidirectional restructuring of the value chain mainly affects the export resilience of enterprises through "export product quality" and "export product diversification".The research in this article provides important reference for how to ensure the stability of foreign trade and enhance the export resilience of enterprises in the process of achieving a "domestic and international dual circulation" in China.