Based on the 2003—2014 the Taian Chinese database and Chinese customs database matching the data of listed companies, to measure the micro engagement, total factor productivity of listed companies and the global value chain by setting up the enterprise elements concentration as a threshold variable, empirically tested the impact on enterprise total factor productivity in the global value chain. The empirical results show that factor intensity is the key factor that determines the mechanism of “productivity effect” of enterprises participation in global value chain, and capital-intensive and technology-intensive enterprises are more likely to get the improvement of total factor productivity from global value chain participation. However, the participation of labor-intensive enterprises in GVCS has not significantly improved their total factor productivity. This further proves the open dividend obtained by Chinese listed companies participating in GVCS, which is more significantly reflected in the total factor productivity improvement realized by capital and technology-intensive enterprises with the help of technology spillover and learning effect mechanism. Therefore, it is of great significance to further promote the in-depth integration of listed companies, especially capital and technology-intensive enterprises, into globalization, vigorously promote the transformation and upgrading of labor-intensive enterprises to capital and technology-intensive enterprises, and unswervingly continue to deepen the reform and opening up.