Industry Returns in Global Value Chains: The Role of Upstreamness and Downstreamness
Industry Returns in Global Value Chains: The Role of Upstreamness and Downstreamness
复制标题
全球价值链中的行业回报：上游和下游的作用
DOI：
10.2139/ssrn.3476690
复制
发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Steffen Windmüller
中科院分区：
文献类型：
--
作者：
Nicole Branger;René Marian Flacke;Steffen Windmüller
本文研究了全球价值链的上游和下游对行业回报的影响。上行和下行分别衡量到最终消费和初级投入的平均距离，并根据世界投入产出表进行计算。我们发现，下游是全球预期回报的关键驱动因素，而上游不是。距离初级投入最远的行业每年的回报率比距离最近的行业高出约5%。这种影响存在于国家和商业部门，表明投资者认为全球价值链中对供应商的依赖是一个重要的风险来源。
This paper studies how upstreamness and downstreamness affect industry returns in global value chains. Up- and downstreamness measure the average distance from final consumption and primary inputs, respectively, and are computed from world input-output tables. We show that downstreamness is a key driver of expected returns around the globe, whereas upstreamness is not. Industries that are farthest away from primary inputs earn approximately 5% higher returns per year than industries that are closest. The effect is found within countries and business sectors and suggests that investors perceive supplier-dependence in global value chains as an important source of risk.