Abstract: Digital economy has become a new driving force for the steady and long-term development of China's manufacturing. This paper adds digital economy to the global value chain (GVC) analysis framework, depicts GVC upgrade features from the dimension of breadth and height, explain the theory mechanism that digital economy affects the upgrading of GVC, establishes econometric models to empirically test the overall impact of digital economy on the GVC upgrading of China's manufacturing, the impact of industry heterogeneity and the threshold effect of technology and capital. The research findings are as follows :(1) Digital economy fundamentally changes the spatial layout and value distribution of all links of GVC, and influences the breadth and height of GVC of a country and its specific sectors by giving play to network connection effect, cost saving effect and value creation effect;(2) During the sample investigation period, the digital economy on the whole promotes the breadth and height of GVC in China's manufacturing. Labor-intensive industries show the same influence characteristics as the total sample, but the GVC upgrade effect of capital and technology-intensive industries in digital economy is not obvious. By further test, We find that the digital economy has a "U-shaped" single threshold effect on the GVC upgrade of capital and technology-intensive industries, which is firstly inhibited and then promoted. Therefore, mastering the key technologies of digital economy, strengthening the construction of digital infrastructure and guiding the digital transformation of enterprises are still urgent needs. This study is conducive to a deep understanding of the economic effects of digital economy, and to provide reference for the formulation of countermeasures for the GVC upgrade of manufacturing.

摘要： 数字经济已成为中国制造业行稳致远发展的新动能。将数字经济纳入全球价值链（GVC）分析框架，从广度和高度双重维度刻画GVC升级特征，阐述数字经济影响GVC升级的理论机制，构建计量模型实证检验数字经济对中国制造业GVC升级的总体影响、行业异质性影响及技术与资本门槛效应。研究发现：（1）数字经济从根本上改变了GVC各环节的空间布局与价值分配，通过发挥网络连接效应、成本节约效应、价值创造效应影响一国及其特定部门的GVC广度与高度；（2）在样本考察期内，数字经济总体上对中国制造业GVC广度和高度均有促进作用；分样本来看，劳动密集型行业表现出和总样本相同的影响特征，但资本和技术密集型行业数字经济的GVC升级效果不明显。进一步检验发现，数字经济对资本和技术密集型行业GVC升级存在先抑制后促进的“U”型单门槛效应。因此，掌控数字经济关键技术、强化数字基础设施建设、引导企业数字化改造仍是当下之急需。本研究有助于深刻认识数字经济的经济效应，并为制定制造业GVC升级对策提供参考依据。