中文摘要：

本文从融资约束的视角，探讨了如何实现我国制造业在全球价值链中跃升的问题。通过采用2001—2011年中国与其他41个经济体的双边贸易数据及非竞争性投入产出表，测算中国各产业在全球价值链中的嵌入度和地位，并实证研究了融资约束对我国产业在全球价值链的嵌入度和地位的影响效应。研究发现，融资约束是决定我国产业在全球价值链中嵌入度的关键因素。当融资约束较少时，可以带动产业在全球价值链中地位的升级；如果融资约束较大，则会引致产业向价值链低端偏移。此外，出口目标市场的金融发展水平越高，会一定程度上阻碍我国产业在全球价值链中的跃升，实施出口“地区多元化”的贸易战略将更有利于我国制造业产业的转型升级。

英文摘要：

This paper explores how to implement global value chains upgrading of China＇s manufacturing industry from the perspective of financial constraints. By using 2001 -2011 data of bilateral trade data and non -competitive input- output tables, we measure the industries＇ participation and position in global value chain respectively. Then, we estimates the effects of financial constraint on participation degree and position of China＇s manufacturing industry in global value chain, both from static and dynamic perspective. The study finds that financial constraints is the key factor to determine China＇s industrial embedded in global value chain. Relatively low level of financial constraints can promote the industries＇ upgrading in global value chain, while relatively high level of financial development lead the industries shifted to the low end of GVC. In addition, the level of financial development of export partner hinders our industry＇s upgrading in GVC. The implementation of ＂regional diversity＂ of export strategy will be more conducive to the transformation and upgrading of China＇ s manufacturing industry.