本文以中国2000-2016年的上市公司作为样本，考察了地区金融科技发展与企业参与全球价值链（GVC）竞争的关系，并验证了两者之间的影响渠道、分析了金融科技对企业参与GVC的异质性影响。研究发现，地区金融科技高水平发展可以显著促进区域内企业参与GVC，本文以北大数字普惠金融指数更换金融科技衡量指标作为稳健性检验，此结论依然成立。影响机制分析发现，金融科技发展通过降低企业的融资约束，为企业研发、生产、出口提供资金支持，提高企业嵌入GVC的程度。异质性分析发现，金融科技对中小企业和民营企业参与GVC有着更大的促进作用，体现了金融的“普惠性”。因此，政府应该鼓励、扶持金融科技发展，提高金融市场的效率，同时也要注意金融科技发展的风险，确保金融科技是服务于实体经济发展。

This paper examines the relationship between regional fintech development and firms' participation in global value chain (GVC) competition, validates the channels of influence between the two, and analyses the heterogeneous impact of fintech on firms' participation in GVC, using listed companies in China from 2000 to 2016 as a sample. The study finds that the high level of regional fintech development can significantly boost the participation of regional enterprises in GVC, and this finding is still valid when replacing the fintech measure with the BYU Digital Inclusion Index as a robustness test. The analysis of the impact mechanism found that fintech development increases the extent to which firms are embedded in GVC by reducing their financing constraints and providing them with financial support for R&D, production and export. The heterogeneity analysis found that fintech has a greater impact on the participation of SMEs and private enterprises in GVC, reflecting the "universality" of finance. Therefore, the government should encourage and support the development of fintech to improve the efficiency of the financial market, but at the same time pay attention to the risks of fintech development to ensure that fintech is serving the development of the real economy.