Research On The Impact Of Digital Finance On The Division Of Labor In China’s Manufacturing Industry Global Value Chain

After the reform and opening up,relying on the low-cost advantages of labor,land and other production factors,China has joined the global value chain dominated by developed countries in low-end embedded ways such as processing and manufacturing.After China joined the global value chain,China’s economic development has made remarkable achievements in the world.In terms of foreign trade,China has become the world’s largest commodity exporter,It has become a veritable "world factory".At the same time,with the opening of the international market,China’s trade scale continues to expand,the quality of export products has improved,and China’s position in the global value chain has improved.However,with the deepening of China’s aging population,the disappearance of China’s demographic dividend,the rising labor cost and the superposition of a series of internal and external factors such as other developing countries joining the global value chain,China’s manufacturing industry is facing the risk of being "squeezed out" of the global value chain.At the same time,due to the low technical content of China’s manufacturing products,In the face of the international division of labor development strategy of "retaining the core and outsourcing the rest" of developed countries,China’s manufacturing industry can only obtain very little profits in the international division of labor and faces the risk of being"locked in at the low end".Therefore,how to promote the rise of the status of China’s manufacturing industry in the global value chain and realize the goal of becoming a powerful country proposed in made in China 2025 is an urgent problem to be solved in China.The upgrading of manufacturing industry is inseparable from the support of the financial system.In recent years,benefiting from the development of Internet and information technology,digital finance is gradually replacing the traditional financial model and completely subverting the format of financial development.With the help of big data,cloud computing,search engine and other tools,digital finance has effectively strengthened the financial support for enterprise production and R&D,widened the reach boundary and service scope of the financial system,and improved the service level of finance to the real economy by easing the financing constraints of enterprises and improving the information asymmetry of both parties,It is conducive to the industrial upgrading of China’s manufacturing industry and the promotion of the status of the global value chain.This paper explores the impact mechanism of the development of digital Finance on the division of labor in China’s manufacturing global value chain from two aspects of theoretical analysis and empirical analysis.By calculating the digital finance index and the export complexity of manufacturing industry in 30 provinces from 2011 to 2016,it is found that China’s current technology intensive industries have the highest export complexity and capital intensive industries have the lowest export complexity.Through theoretical analysis,it is considered that the development of digital finance can have an impact on the export complexity of China’s manufacturing industry through two channels:direct and indirect impact.Digital finance can have a direct impact on the export complexity of China’s manufacturing industry by alleviating the financing constraints of enterprises and improving the efficiency of capital allocation.At the same time,by promoting the improvement of consumption level Promoting the rise of human capital level and attracting the increase of FDI inflow indirectly affect the export complexity of China’s manufacturing industry.By constructing a fixed panel model for empirical analysis,we further verify the impact mechanism of the development of digital Finance on the export complexity of manufacturing industry.The results show that:first,the improvement of the development level of digital finance has significantly promoted the increase of the export complexity of China’s manufacturing industry;Second,the impact of the development of digital Finance on the export complexity of manufacturing industry has industrial heterogeneity.Specifically,the development of digital finance has the greatest impact on the export complexity of China’s labor-intensive manufacturing industry,followed by capital intensive manufacturing industry,and finally technology intensive manufacturing industry;Third,digital finance can adjust the impact of consumption level,human capital and FDI inflow on the export complexity of manufacturing industry.Among them,digital finance indirectly improves the export complexity of manufacturing industry by affecting the level of human capital.Finally,on the basis of summarizing the research conclusions,this paper puts forward policy suggestions on how to further promote the rise of China’s manufacturing industry in the global value chain with the help of the east wind of the development of digital finance.