Manova的融资约束与企业价值链的最新论文

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1 论文标题
Firms and Credit Constraints along the GVC processing trade in China
2 作者信息
Kalina Manova和Zhihong Yu
3 出处和链接（比如，NBER working paper No.11000）
NBER working paper
4 摘要
Global value chains (GVCs) allow firms to produce and export final goods, or to perform
only intermediate stages of production by processing imported inputs for re-exporting. We examine
how financial constraints determine companies’ position in GVCs and how this position affects
profitability. We exploit matched customs and balance-sheet data from China, where exports are
classified as ordinary trade, import-and-assembly processing trade (processing firm sources and pays
for imported inputs), and pure-assembly processing trade (processing firm receives foreign inputs for
free). Conducting more steps of the supply chain increases not only value added, but also profits.
However, it requires more working capital because it entails higher up-front costs. As a result, credit
constraints restrict firms to low value-added stages of production, and preclude them from pursuing
more profitable opportunities. Financial frictions thus affect the organization of GVCs across firms
and countries, and inform optimal trade and development policy in the presence of trade in
intermediates. Global supply networks may enable more firms in developing countries to share in the
gains from trade.

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