关键词: 融资约束, 全球价值链地位, 国内增加值率, 企业异质性

Abstract: Under the background of deepening vertical specialization, financial constrains works as the key obstacles to promote the GVC position of Chinese manufacturing. Compared to the former research, this paper chooses DVAR based on the firm level data as the new index to measure the GVC position, and analyzes the impact of financial constrains for promotion of GVC status. The result shows that Chinese manufacturing is still in low position of GVC. The financial constrains and GVC position of manufacture in China presents inverted U shape relationship. The severe financial constrains significantly hinders the value chain upgrading of manufacturing, but the empirical result showed diversity if it distinguishes the different types of enterprises. Meanwhile, it gives some advice in the view of financial market reform, proper FDI and factor structure optimization and so on.

Key words: Financial Constrains, GVC Position, DVAR, Firm Heterogeneity