全球价值链嵌入能否改善制造业企业资源错配？

张煦1; 2; 韦庄禹1

全球价值链嵌入能否改善制造业企业资源错配？

引用本文：张煦1，2，韦庄禹1.全球价值链嵌入能否改善制造业企业资源错配？[J].财经理论与实践,2025,(1):144-151

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作者	单位
张煦1，2，韦庄禹1	(1.广西大学经济学院，广西南宁 530000；2.北部湾大学经济管理学院，广西钦州 535011)

中文摘要:依据中国工业企业、海关进出口和上市公司数据，考量全球价值链嵌入（GVC）与资源错配之间的关系。结果显示：全球价值链嵌入与劳动投入扭曲、企业资源错配之间存在U形关系；全球价值链嵌入主要通过作用于企业数字化转型和吸收能力这两个渠道影响企业资源错配；全球价值链嵌入与资本投入扭曲的U形关系只在资本密集型企业中存在，与劳动投入扭曲的U形关系只在劳动密集型企业中存在；随着全球价值链嵌入程度的提高，国有企业资源错配问题将更快得到改善，在数字经济发展水平更高的地区，受益于企业数字化转型的“同群效应”，全球价值链嵌入与企业资源错配之间的U形关系更显著。

中文关键词:全球价值链资源错配数字化转型吸收能力

Can Manufacturing Firms’ Integration Into Global Value Chains Correct Resource Misallocation?

Abstract:This study examines the relationship between global value chain (GVC) integration and resource misallocation using data from Chinese industrial enterprises, customs trade, and A-share listed companies. The results indicate a U-shaped relationship between GVC integration and labor input distortion, as well as between GVC integration and corporate resource misallocation. GVC integration primarily influences through its effects on corporate digital transformation and absorptive capacity. The U-shaped relationship between GVC integration and capital input distortion is found only in capital-intensive firms, while the U-shaped relationship with labor input distortion is observed only in labor-intensive firms. As the degree of GVC integration increases, the resource misallocation in state-owned enterprises improves at a faster rate. In regions with higher levels of digital economy development, the U-shaped relationship between GVC integration and corporate resource misallocation is more pronounced, benefiting from the “network effect” of digital transformation.

keywords:global value chain misallocation of resources digital transformation absorption capacity

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