How Does Financial Development Affect GVC Position -- From the Perspective of Trade in Value Added

— Based on the panel economic data of 35 OECD countries and 25 non-OECD countries from 2005 to 2016, this paper measures the status of international trade in China as a proportion of the total export volume of the country, comprehensively considers the development of direct finance and indirect finance, and uses a two-way fixed effect model to test the endogeneity and robustness, and concludes that: First, indirect finance has a negative impact on the improvement of the status of international division of labor. The excessive development of indirect financial markets may cause monopoly or even squeeze the development of direct financial markets, resulting in insufficient support for emerging industries, especially the science and technology industry, affecting the improvement of the international division of labor status; secondly, direct finance has a positive impact on the improvement of the international division of labor status. Compared with the indirect financing market, the high-risk and high-return technology industry is more suitable to seek support from the direct financing market; third, compared with OECD countries, non-OECD countries have a negative impact on the status of international division of labor in terms of indirect finance, but because OECD countries are more affected by the financial crisis in 2008, direct finance reflects the promotion of international division of labor in nonOECD countries