【摘要】 本文基于1998—2020年54个经济体的面板数据，采用双向固定效应模型实证检验内需引致增加值对出口本币计价的影响及作用机制。研究结果显示：在嵌入全球价值链的过程中，内需引致增加值对出口本币计价有正向影响；在高技术产品需求高、地缘政治风险低、货币自由度高的经济体及发达经济体中，内需引致增加值对出口本币计价的影响更显著，但对发展中经济体而言，在南南合作框架下，内需引致增加值同样对出口本币计价有正向影响；内需引致增加值通过提高出口产品差异化程度和增强全球价值链韧性对出口本币计价产生正向影响；制度环境能够强化内需引致增加值对出口本币计价的正向影响。本文的研究不仅丰富了贸易计价货币选择方面的研究，也为研究全球价值链嵌入特征的经济效应提供了新视角。更多还原

【Abstract】 In recent years, driven by rising trade protectionism, escalating geopolitical competition, and persistently weak international demand, many countries(regions) have begun emphasizing the role of domestic demand in driving value-added growth. Increasing the share of value added induced by domestic demand has become a crucial lever for countries(regions) to build autonomous and controllable global value chains(GVCs) and a key objective in GVCs restructuring and reshaping. This trend presents new opportunities for home currency invoicing. Analyzing the impact of domestic demand-induced value added on the share of home currency invoicing in exports holds significant academic value and practical relevance.This paper empirically examines the direct effect and mechanisms of domestic demand-induced value added on the home currency invoicing in its exports. Using panel data from 54 economies from 1998 to 2020, this paper employs a two-way fixed effects model for analysis. The findings of this paper are follows. First, an increase in the share of domestic demand-induced value added during a country’s(region’s) embedment in GVCs helps raise the share of home currency invoicing in its exports. Second, the effect of domestic demand-induced value added on the share of home currency invoicing in exports is more pronounced in economies with demand structures favoring high-technology products, economies with higher monetary freedom, and economies with lower geopolitical risk levels. In developed countries, the role of domestic demand-induced value added in promoting home currency invoicing is stronger; however, the domestic demand-induced value added in South-South trade also significantly enhances the share of home currency invoicing. Third, the primary channels through which the domestic demand-induced value added promotes home currency invoicing in exports are enhancing the differentiation level of exported products and strengthening the resilience of GVCs. Fourth, further analysis shows that the improvement in the institutional environment can strengthen the positive impact of domestic demand-induced value added on home currency invoicing in exports.Compared to existing research, the marginal contributions of this paper are threefold. First, it constructs a conceptual framework linking domestic demand-induced value added with export invoicing currency choices, uncovering new patterns in firms’ trade invoicing behavior under GVCs restructuring. Second, it clarifies the mechanisms through which domestic demand-induced value added affects home currency invoicing, specifically via enhancing the differentiation level of exported products and strengthening the resilience of GVCs. Third, by incorporating the institutional environment, it elucidates the boundary conditions for the effect of domestic demand-induced value added on home currency invoicing, providing decision-making references for optimizing the business environment and enhancing positions in GVCs.更多还原