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213Against 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.
