摘要
在全球经济格局重构与科技革命加速融合的背景下，制造业价值链攀升已成为国家竞争力的核心标志。然而，我国制造业长期面临“大而不强”的困境，中低端锁定、核心技术依赖进口等问题突出，尤其在新冠疫情冲击下，产业链韧性不足、附加值低等短板进一步暴露。如何推动制造业向全球价值链高端跃迁，成为我国面临的重要问题。科技金融作为连接金融创新与科技创新的桥梁，如何推动我国制造业突破“低端锁定”困境，最终实现价值链攀升，值得深入探讨。
本文通过系统梳理科技金融与制造业价值链攀升相关文献资料，结合熊彼特创新理论、新古典增长理论、微笑曲线理论及信息不对称理论，首先对科技金融影响制造业价值链攀升的机制及渠道进行了理论分析。其次论文选取2010-2021年我国527家沪深A股制造业上市公司面板数据，实证考察科技金融与制造业价值链攀升之间的相关关系及其影响机制。最后得出结论如下：区域科技金融发展水平总体上能显著促进制造业企业价值链攀升，但这种促进作用在不同地区和不同类型的企业间存在差异：科技金融对东部地区企业价值链攀升的促进作用更加显著，对中部地区企业显著性稍低但相关性更高，对西部地区企业表现为抑制作用；相较于劳动密集型和资本密集型企业，科技金融对技术密集型企业价值链攀升的促进作用更加显著。机制分析表明，科技金融主要通过提升企业融资效率和降低企业创新风险，进而促进制造业价值链攀升。
基于上述研究结论，针对科技金融如何促进我国制造业价值链攀升，本文提出如下建议：一是完善政策体系。政府需立足科技金融作用的区域异质性，通过差异化政策设计和跨区域协同机制推动协调发展。二是强化金融支持。金融机构应针对企业类型和区域差异，分层设计产品并优化风险管理机制。三是提升企业能力。企业需主动提升技术创新能力与金融资源对接效率，形成“技术突破-融资支持-价值攀升”的正向循环。
Abstract
Against the backdrop of global economic restructuring and the accelerated integration of technological revolutions, Manufacturing Value Chain Climbing has emerged as a core indicator of national competitiveness. However, China’s manufacturing industry has long faced the dilemma of being “large but not strong”, with prominent issues such as mid-to-low-end lock-in and heavy reliance on imported core technologies. These weaknesses, particularly the insufficient resilience of industrial chains and low value-added production, have been further exposed by the COVID-19 pandemic. How to propel China’s manufacturing industry toward high-end positions in the global value chain has thus become a critical challenge. As a bridge connecting financial innovation and technological innovation, Tech-Finance warrants in-depth exploration for its potential to help China’s manufacturing sector break free from “low-end lock-in” and achieve value chain climbing.
This paper systematically reviews literature on Tech-Finance and Manufacturing Value Chain Climbing, integrating Schumpeter’s innovation theory, the neoclassical growth theory, the smile curve theory, and information asymmetry theory. It first conducts a theoretical analysis of the mechanisms and channels through which Tech-Finance influences Manufacturing Value Chain Climbing. Using panel data from 527 Shanghai and Shenzhen A-share listed manufacturing firms in China spanning 2010–2021, the study empirically examines the correlation between Tech-Finance and value chain climbing, as well as the underlying mechanisms. The key findings are as follows: Regional Tech-Finance development significantly promotes Manufacturing Value Chain Climbing overall, but this effect varies across regions and firm types. Specifically, Tech-Finance exerts a more pronounced positive impact on firms in eastern China, a marginally less significant but stronger correlation in central China, and an inhibitory effect in western China. Compared with labor-intensive and capital-intensive firms, Tech-Finance demonstrates a more substantial promotional effect on technology-intensive firms. Mechanism analysis indicates that Tech-Finance primarily promotes the upgrading of the manufacturing value chain through enhancing corporate Financing Efficiency and mitigating corporate Innovation Risk.
Based on these conclusions, this paper proposes the following recommendations for leveraging Tech-Finance to advance China’s Manufacturing Value Chain Climbing: First, improve the policy system. Governments should design differentiated policies and establish cross-regional coordination mechanisms to address regional heterogeneity in Tech-Finance effects. Second, strengthen financial support. Financial institutions should tailor tiered products and optimize risk management mechanisms according to firm types and regional disparities. Third, enhance enterprise capabilities. Firms should proactively improve their technological innovation capacities and the efficiency of aligning with financial resources to foster a positive cycle of “technological breakthroughs-financing support-value chain climbing”.