Based on the annual data of Chinese listed enterprises from 2004 to 2016, this paper investigates the impact of the opening up of the bond market on the division of labor position of enterprises' global value chains. It is found that the opening up of bond market mainly enhances the division of labor position of enterprises' global value chain by influencing the level of enterprises' technological innovation. The results of mechanism test show that the opening of bond market to the outside world can help enterprises to increase R&D investment, improve technological innovation level and realize the upgrading of the division of labor position in global value chain by alleviating the financing constraints of enterprises and intensifying the competition among enterprises. Heterogeneity analysis shows that the opening up of bond market has a better effect on the GVC status of enterprises in the central and western regions than that of enterprises in the eastern regions.