信贷空间配置效率、技术创新与全球价值链攀升

Credit Spatial Allocation Efficiency, Technology Innovation, and Upgrading in Global Value Chains

张雪兰，杨瑞桐，吴蓉蓉

2026 第 52 卷第 08 期页码 20-34

DOI: 10.16538/j.cnki.jfe.20260716.401

摘要

文章通过构建三阶段理论框架系统分析了信贷空间配置效率通过技术创新推动企业全球价值链攀升的作用机制。文章基于中国微观数据的实证检验表明：提高信贷空间配置效率将显著促进本地企业全球价值链攀升，该效应主要通过激发技术创新而非要素积累实现；其对原始创新、改进型创新与创新质量均有显著正向影响，且该效应集中于技术密集型行业、长期贷款占比高及创新活跃的大型企业。进一步分析表明，周边信贷配置改善通过溢出效应促进本地技术创新；原始创新的外部性强于改进型创新，经济与产业相似度强化此溢出效应；高铁连通性则引发“虹吸效应”与“挤出效应”；信贷空间配置效率提高有效缓解了私营企业融资约束，同时抑制了传统制造业国企低效扩张。文章的研究为优化信贷空间配置、促进中国企业全球价值链攀升提供了理论依据与政策启示。

Against the backdrop of Global Value Chain (GVC) restructuring, the spatial misallocation of credit constrains enterprises’ R&D and value chain upgrading. This paper constructs a three-stage theoretical framework—production function expansion, an export domestic value-added ratio (DVAR) model, and short-term market equilibrium—to elucidate how credit spatial allocation efficiency enhances DVAR via technology innovation, and empirically tests it using multi-source Chinese micro-level data.

The results show that: First, improving credit spatial allocation efficiency significantly promotes GVC upgrading, primarily by stimulating innovation rather than factor accumulation. Second, this effect is concentrated in technology-intensive industries, samples with high long-term loan shares, and large innovation-active enterprises. Third, improved credit allocation in neighboring regions spurs local innovation through spatial spillovers, with original innovation exhibiting stronger externalities than improved innovation; economic and industrial similarity strengthens this spillover, whereas high-speed rail connectivity triggers siphon and crowding-out effects.

This paper makes the following marginal contributions: First, it clarifies the theoretical pathway through which credit spatial allocation efficiency drives GVC upgrading via technology innovation and characterizes the spatial externality heterogeneity of this mechanism. Second, it constructs a quantitative framework for credit allocation efficiency based on economy-wide spatial Pareto optimality, offering a tool for correcting spatial credit misallocation. Third, it reveals the heterogeneous effects of spatially-linked credit allocation, providing micro-mechanism evidence for regional coordinated development and financial supply-side reform.

关键词： 信贷空间配置效率,全球价值链,技术创新,帕累托最优

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