摘要
基于金融体系与科技创新协同发展视角,本文深入分析金融发展影响全球价值链(GVC)分工地位的作用机理,提出研究假设,采用全球42个经济体2000—2014年的经验数据,实证检验金融发展对全球价值链分工地位的影响,以及金融发展与科技创新偏离的调节作用,并探讨了直接金融发展和间接金融发展的作用差异。研究发现,金融发展显著提升一国的全球价值链分工地位,但金融发展与科技创新投资需求的偏离会降低金融发展的提升效应,这说明金融发展对全球价值链分工地位的作用依赖于其与科技创新的协同程度;金融发展对GVC地位低的国家具有较大提升效应,随着GVC地位提升,金融发展与科技创新的偏离将呈现更大的抑制效应;此外,相比间接金融发展,直接金融发展对全球价值链分工地位的提升效应更大。
Promoting the position of industries in the Global Value Chains is the key to achieving high-quality development of China's economy in the new era.There are controversies in existing literature about the role of financial development in the position of industries in the Global Value Chains.How does financial development affect the position in the global value chains?It remains a question to be answered.From the perspective of synergistic development of financial system and technological innovation,this paper deeply analyzes the mechanism of financial development affecting the status in global value chains and proposes research hypotheses.Based on data from 42 economies ranging from 2000 to 2014,this paper empirically tests the impact of financial development on the status in global value chains and the moderating role of the deviation of financial development from technological innovation.It also distinguishes the effects of indirect financial development and direct financial development.The empirical results show that financial development significantly enhances a country's position in the global value chains.However,the deviation of financial development from technological innovation investment demand restrains the enhancing effect of financial development,which suggests the synergistic development of financial system and technological innovation is conducive to enhancing the status in global value chains.Moreover,financial development has a greater promoting effect for developing countries with low position in the global value chains,and with the gradual improvement of the status in GVCs,the deviation of financial development from technological innovation will show a greater inhibitory effect.This paper also finds that compared with the indirect financial development,direct financial development has a greater effect on the position in the global value chains.This paper provides theoretical explanations and empirical basis for the idea of“accelerating the building of industrial system in which real economy,sc
作者
谷军健
赵玉林
Gu Junjian;Zhao Yulin(PBC School of Finance,Tsinghua University;School of Economics,Wuhan University of Technology)
出处
《国际金融研究》
CSSCI
北大核心
2020年第7期35-44,共10页
Studies of International Finance
基金
国家社会科学基金重大项目“构建人类命运共同体进程中国际经济规则重建的理论逻辑及中国的战略选择”(19ZDA054)
国家社会科学基金重点项目“战略性新兴产业发展的理论与政策研究”(11AZD081)资助。
关键词
金融发展
科技创新
全球价值链分工地位
协同发展
Financial Development
Technological Innovation
Position in Global Value Chains
Synergistic Development
