论文部分内容阅读
在国际生产网络不断扩张与深化的背景下,一国较高的金融发展水平会降低成本,提高本土产品的竞争力,进而影响企业的国际生产网络布局。文章在要素禀赋理论的框架下,采用美国制造业数据,考察贸易伙伴国金融发展对中间品离岸水平的影响,并进一步引入引力因素进行实证检验,结果表明,贸易伙伴国金融发展水平的提高会促进美国各产业离岸水平的提升,这种促进作用在外部融资依赖度高的产业上更为显著,即企业会将更多的生产环节布局在金融发展水平较高的国家。在考虑了不同计量技术、指标并分样本后上述结论依然稳健。
Against the background of continuous expansion and deepening of international production networks, a country’s high level of financial development will reduce costs and enhance the competitiveness of local products, thereby affecting the layout of international production networks. In the framework of the factor endowment theory, the article uses the data of the U.S. manufacturing industry to examine the impact of the financial development of the trading partners on the offshore level of the intermediate products, and further uses the gravitation factor to conduct an empirical test. The results show that the financial development level of the trading partner countries Which will promote the improvement of the offshore industry in various industries in the United States. This promotion is more significant in industries with high dependence on external financing. That is, enterprises will deploy more production links in countries with higher levels of financial development. Taking into account the different measurement techniques, indicators and sub-samples after the conclusion is still robust.