5196 
6280文章基于微观企业数据和世界投入产出数据库（WIOD），借鉴Antràs等（2012）以及Chor等（2014）计算上游度指数的方法，测算得到中国企业在全球生产链上的嵌入位置，并考察了嵌入位置对企业对外投资决策的影响。研究发现，处于生产链两端的企业对外投资的可能性较高。具体来说，进口嵌入位置越处于上游，企业越倾向于对外直接投资；而出口嵌入位置越处于下游，企业越倾向于对外直接投资。在考虑了嵌入位置替代指标、内生性问题和稀有事件影响后，上述结果仍然稳健。此外，企业在全球生产链上的嵌入位置对其投资的动机、区位和频次都存在异质性影响。文章的研究在一定程度上揭示了中国企业参与全球贸易和全球生产网络的内在逻辑，有助于政府部门更有针对性地制定“走出去”的政策措施和提供差异化的政策支持，更好地引导企业的对外直接投资。
全球生产链嵌入位置如何影响中国企业的对外直接投资？
摘要
参考文献
1 程大中. 中国参与全球价值链分工的程度及演变趋势−基于跨国投入−产出分析[J]. 经济研究,2015,(9):4−16. DOI:10.3969/j.issn.1002-5863.2015.09.001
7 倪红福. 全球价值链位置测度理论的回顾和展望[J]. 中南财经政法大学学报,2019,(3):105−117. DOI:10.3969/j.issn.1003-5230.2019.03.011
8 唐宜红,张鹏杨. 中国企业嵌入全球生产链的位置及变动机制研究[J]. 管理世界,2018,(5):28−46. DOI:10.3969/j.issn.1002-5502.2018.05.003
14 Antràs P,Chor D,Fally T,et al. Measuring the upstreamness of production and trade flows[J]. American Economic Review,2012,102(3): 412−416. DOI:10.1257/aer.102.3.412
15 Bellone F,Musso P,Nesta L,et al. Financial constraints and firm export behaviour[J]. World Economy,2010,33(3): 347−373. DOI:10.1111/j.1467-9701.2010.01259.x
16 Cai H B,Liu Q. Competition and corporate tax avoidance:Evidence from Chinese industrial firms[J]. The Economic Journal,2009,119(537): 764−795. DOI:10.1111/j.1468-0297.2009.02217.x
17 Chor D, Manova K, Yu Z H. The global production line position of Chinese firms[R]. Working Paper, https://aric.adb.org/ pdf/events/aced2016/paper_zhihongyu.pdf, 2014.
18 Dicken P. Geographers and ‘globalization’:(Yet) another missed boat?[J]. Transactions of the institute of British Geographers,2004,29(1): 5−26. DOI:10.1111/j.0020-2754.2004.00111.x
19 Feenstra R C,Li Z Y,Yu M J. Exports and credit constraints under incomplete information:Theory and evidence from China[J]. Review of Economics and Statistics,2014,96(4): 729−744. DOI:10.1162/REST_a_00405
20 Gereffi G,Humphrey J,Kaplinsky R,et al. Introduction:Globalisation,value chains and development[J]. IDS Bulletin,2001,32(3): 1−8. DOI:10.1111/j.1759-5436.2001.mp32003001.x
21 Helpman E,Melitz M J,Yeaple S R. Export versus FDI with heterogeneous firms[J]. American Economic Review,2004,94(1): 300−316. DOI:10.1257/000282804322970814
22 Ju J D,Yu X D. Productivity,profitability,production and export structures along the value chain in China[J]. Journal of Comparative Economics,2015,43(1): 33−54. DOI:10.1016/j.jce.2014.11.008
23 Kee H L,Tang H W. Domestic value added in exports:Theory and firm evidence from China[J]. American Economic Review,2016,106(6): 1402−1436. DOI:10.1257/aer.20131687
24 Kolstad I,Wiig A. What determines Chinese outward FDI?[J]. Journal of World Business,2012,47(1): 26−34. DOI:10.1016/j.jwb.2010.10.017
25 Koopman R,Wang Z,Wei S J. Estimating domestic content in exports when processing trade is pervasive[J]. Journal of Development Economics,2012,99(1): 178−189. DOI:10.1016/j.jdeveco.2011.12.004
26 Tolentino P E. Home country macroeconomic factors and outward FDI of China and India[J]. Journal of International Management,2010,16(2): 102−120. DOI:10.1016/j.intman.2010.03.002
27 Upward R,Wang Z,Zheng J H. Weighing China’s export basket:The domestic content and technology intensity of Chinese exports[J]. Journal of Comparative Economics,2013,41(2): 527−543. DOI:10.1016/j.jce.2012.07.004
28 Wang C Q,Hong J J,Kafouros M,et al. What drives outward FDI of Chinese firms?Testing the explanatory power of three theoretical frameworks[J]. International Business Review,2012,21(3): 425−438. DOI:10.1016/j.ibusrev.2011.05.004
29 Wang Z, Wei S J, Yu X D, et al. Characterizing global value chains: Production length and upstreamness[R]. NBER Working Paper No.23261, 2017.
30 Yan B,Zhang Y,Shen Y Z,et al. Productivity,financial constraints and outward foreign direct investment:Firm-level evidence[J]. China Economic Review,2018,47: 47−64. DOI:10.1016/j.chieco.2017.12.006
31 Yeaple S R. Firm heterogeneity and the structure of U.S. multinational activity[J]. Journal of International Economics,2009,78(2): 206−215. DOI:10.1016/j.jinteco.2009.03.002
32 Yu M J. Processing trade,tariff reductions and firm productivity:Evidence from Chinese firms[J]. The Economic Journal,2015,125(585): 943−988. DOI:10.1111/ecoj.12127
引用本文
陈琳, 房超, 田素华, 等. 全球生产链嵌入位置如何影响中国企业的对外直接投资？[J]. 财经研究, 2019, 45(10): 86-99.
导出参考文献，格式为：
