The Impact Of Digital Finance And Financing Constraints On China’s Manufacturing Position Of Global Value Chain

With the rapid development of global information and communication technology,global value chain has become an important topic in the study of international trade.In the early stage of participating in the division of labor of global value chain,China mainly occupied the position by relying on its labor advantage.Due to the lack of capital and technology,China’s position in global value chain has been relatively low for a long time.As the main part of the global value chain division system,the promotion of the position of the manufacturing industry in the global value chain is urgent.At present,with the rapid development of digital technology and Internet,digital finance based on traditional finance emerges at the historic moment.Digital finance breaks the problem of information asymmetry brought by traditional finance,improves credit rationing in the financial market and reduces the financing cost of enterprises,thus effectively easing the financing constraints faced by enterprises to participate in the division of labor in the global value chain,and encourages financial entities to better serve the real economy.If the financing constraints of export enterprises are eased,they will have sufficient funds to consider the transformation of trade forms participating in the international division of labor,and more funds can be invested in core links such as independent research and development,technology introduction and upgrading,so as to realize the upward climb of the status of Chinese manufacturing industry in the global value chain.Based on the review of relevant literature at home and abroad,this paper analyzes the transmission mechanism of "digital finance--financing constraints--position of China’s manufacturing industry in global value chain".The panel data of16 manufacturing industries from 2011 to 2018 are selected for empirical research.The influence of digital finance on the position of global value chain of China’s manufacturing industry and the mechanism of financing constraints as intermediary variables are systematically analyzed from both theoretical and empirical levels.The results show that the development of digital finance can significantly promote the status of Chinese manufacturing industry in the global value chain.By improving credit rationing and reducing enterprise financing costs,digital finance alleviates the financing constraints faced by manufacturing enterprises,and solves the shortage of funds faced by export manufacturing industries in transforming trade modes or improving technological innovation,so as to promote Chinese manufacturing industries to climb up the global value chain.The conclusions and suggestions of this paper not only provide decision-making reference for China to improve the construction of digital financial system,improve the market-oriented allocation of credit funds,and enhance the ability of digital finance to efficiently serve the real economy,but also provide reference for improving the input of manufacturing factors to form high added value,so as to ascend to the middle and high-end position of the global value chain.