Abstract:
Global value chains has become a significant characteristics of world economy, thus a new interpretation of binary marginal trade from the perspective of global value chains has important theoretical value. This paper builds a theoretical model to analysize the mechanism that financial constraints’ effect on firm’ value added trade, which reveals that financial constraints on the one hand inhibits the expansion of firm’ value added trade’ extensive margin by increasing the value added trade’ critical productivity, on the other hand promote the intensive margin of value added trade by substituting foreign intermediate input for domestic intermediate input. Using the database of China customs trade statistics and China’s survey of industrial firms from 2000 to 2006, this paper use Heckman two-stage model to analysis financial constraints’ effects on margins of trade in value added. The results show that: financial constraints plays significant negative impact on extensive margin of trade in value added, but positive effect on intensive margin. In addition, considering the different ownership, factor intensity, and industry financial dependence, financial constraints has heterogeneity effects on firms value added trade.
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