| Differences in factor endowments and trade gains have promoted the distribution of product production in different countries and regions around the world,which build a new international division of labor system.After China the reform and opening-up policy,China has rapidly participated in the global value chain and achieved rapid economic development with rich resources and demographic dividends.With the deepening of the division of labor in international trade,the disadvantages of developing countries participating in the division of labor in the global value chain began to appear.With the deepening of the division of labor in international trade,the disadvantages of developing countries participating in the division of labor in the global value chain began to appear.Therefore,how to get rid of the dilemma of "low-valueadded-chain lock-in " and realize the rise of China’s division of labor in the global value chain has become a major problem in the future.Under the operation of enterprises,considering the actual situation such as profit margin and cash flow,more and more enterprises may choose the mode of "low profit for survival",especially the mode of processing trade in China.At the same time,enterprises can only fall into the low-end value-added link dominated by developed countries and no longer have the "voice of rules".The profits and value-added rate brought by enterprises participating in different links of the division of labor in the global value chain are different,and how to upgrade to a higher value chain and become the "maker" of rules is the key problem.At the same time,the export threshold faced by enterprises makes financing constraints a key role.In view of this,this paper focuses on the factors at the enterprise level to explore the influence mechanism of financing constraints on the division of labor status in the global value chain.This paper systematically arranges and analyzes the theories of division of labor status,financing constraints and export performance of enterprises in the global value chain.On the basis of theoretical derivation,this paper uses the combined data of China’s industrial enterprise database and customs database from 2000 to 2013,and takes micro enterprises as samples to make an empirical analysis of this hypothesis.The basic conclusions of the full text are as follows:(1)On the whole,financing constraints significantly inhibit the increase of export value-added rate,while factors such as industrial agglomeration,enterprise profit margin and enterprise cash flow will improve the inhibition of financing constraints;(2)From the perspective of regional factors,the inhibition of enterprise financing constraints in the western region is stronger,while the inhibition of enterprise financing constraints is weaker in the eastern region;(3)Considering the ownership of enterprises,the financing of state-owned enterprises has no significant effect on the export value-added rate of enterprises,while the financing constraints of private enterprises and foreign-funded enterprises have become the obstacles to the export performance of enterprises;(4)Compared with capital intensive and labor-intensive enterprises,technology intensive enterprises are more negatively affected by financing constraintsBased on the above conclusions,this paper suggests the following: on the one hand,banks and other financial institutions should establish a variety of financing channels for enterprises,bring financing convenience to enterprises and promote the rise of the division status of enterprises in the international division system;On the other hand,the government should improve financial policies to ensure the rapid development of financial markets.Through a more complete enterprise information system,reduce the obstacles to financing and improve the financing environment.At the same time,enterprises should pay attention to high-quality development,pursue the leading power of high profit and technology,and then become the leader of the global value chain. |
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