The Journal of World Economy, 2015, Issue 8

Authors: Lv Yue, Luo Wei, Liu Bin

Abstract: This article uses four methods to measure the degree of embedding of enterprises in theglobal value chain (GVC), and examines the impact of efficiency and financing constraints onenterprise participation in the GVC. Research has found that high-eficiency enterprises are moreinclined to embed themselves in the global value chain, while fimancing constraints can createobstacles; Dynamic research has found that the negative impact of financing constraints oncorporate participation in GVC is only reflected in the decision-making process of whether acompany participates in GVC, while efiiciency also has a significant impact on the degree ofcorporate participation in GVC.In addition, this article also found a U-shaped relationshipbetween efficiency and GVC embedding. These findings provide useful theoretical exploration fora deeper understanding of the rationality and necessity of the "going global" strategy, as well asfor breaking through the dilemma of "low-end lock-in in the value chain"

Keywords: global value chain; Enterprise heterogeneity; Production efficiency; Financing constraints