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Corporate Financialization and the Upward Movement of Manufacturing GVCs: "Catalyst" or "Stumbling Block"
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Jijun Tang1, Wenhao Song1, Yujie Bai2
Journal of Technology Economics | 2025, 44(12) : 37 - 51
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Journal of Technology Economics | 2025, 44(12): 37-51
• Industrial Technology Economics •
Corporate Financialization and the Upward Movement of Manufacturing GVCs: "Catalyst" or "Stumbling Block"
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Jijun Tang1, Wenhao Song1, Yujie Bai2
Affiliations
  • 1.School of Economics, Liaoning University, Shenyang 110036, China
  • 2.China Society of Technology Economics, Beijing 100081, China
Published: 2025-12-25 doi: 10.12404/j.issn.1002-980X.J25102819
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In the context of high-quality development, the key to realizing the position of manufacturing enterprises in the global value chain (GVC) is to coordinate and balance the relationship between the real economy and the virtual economy. Listed Chinese manufacturing enterprises were taken as the research object; the relationship between manufacturing enterprises' financialization behavior and their GVC positions was examined, and an investigation was conducted into the economic impacts of enterprise financialization on GVC positions and the corresponding channels of action. The results show that corporate financialization hinders the enhancement of manufacturing enterprises' GVC status, and is mainly inhibited through the two channels of corporate financing constraints and innovation capacity. The implementation of financing and securities policies and equity incentive systems can mitigate the negative impact of financialization on the GVC position of manufacturing firms. Finally, the effects of corporate financialization on manufacturing firms' GVC positions are heterogeneous in terms of firm nature, industry factor intensity and regional heterogeneity.

corporate financialization  /  manufacturing  /  real economy  /  global value chain position  /  financial constraints  /  corporate innovation
汤吉军, 宋文豪, 白羽洁. 企业金融化与制造业全球价值链攀升：“催化剂”还是“绊脚石”. 技术经济, 2025 , 44 (12) : 37 -51 . DOI: 10.12404/j.issn.1002-980X.J25102819
Jijun Tang, Wenhao Song, Yujie Bai. Corporate Financialization and the Upward Movement of Manufacturing GVCs: "Catalyst" or "Stumbling Block"[J]. Journal of Technology Economics, 2025 , 44 (12) : 37 -51 . DOI: 10.12404/j.issn.1002-980X.J25102819
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Year 2025 volume 44 Issue 12
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doi: 10.12404/j.issn.1002-980X.J25102819
  • Receive Date：2025-10-28
  • Online Date：2026-10-27
  • Published：2025-12-25
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  • Received：2025-10-28
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Affiliations
    1.School of Economics, Liaoning University, Shenyang 110036, China
    2.China Society of Technology Economics, Beijing 100081, China
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表12种不同金属材料的力学参数
科
Family		 属数
Number of
genus		 种数
Number of
species		 占总种数比例
Percentage of
total species (%)		 属
Genus		 种数
Number of
species		 占总种数比例
Percentage of total
species (%)
鹅膏菌科Amanitaceae 2 11 5.26 鹅膏菌属 Amanita 10 4.78
小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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