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文章采用2012年世行调查数据考察了嵌入全球价值链对中国民营制造业企业金融信贷的影响。Probit模型的回归结果显示,嵌入全球价值链显著提高了民营企业获得金融信贷的机会。倾向评分匹配法的结果证实存在这种因果关系,文章的结论稳健。但这种正向影响受到政府干预的影响,民营企业所在地区政府对市场的干预程度较强以及信贷资金市场化分配程度较弱均会弱化嵌入全球价值链对民营企业获得金融信贷的促进作用。因而,要缓解民营企业的贷款难问题还要立足于国内政策,加快信贷资金市场化进程。
The article uses the 2012 World Bank survey data to examine the impact of embedded global value chains on the financial credit of Chinese private manufacturing enterprises. The regression results of the Probit model show that embedding the global value chain significantly improves the access of private enterprises to financial credit. Propensity score matching results confirm the existence of this causal relationship, the conclusion of the article is robust. However, this positive influence is influenced by the government intervention. The government intervention in the area where private enterprises are located strongly influences the market and the weak market capitalization of credit funds will weaken the promotion effect of embedded global value chains in obtaining financial credit for private enterprises. Therefore, it is necessary to ease the problem of lending to private enterprises based on domestic policies and speed up the marketization of credit funds.