融资成本、资源错配与企业全要素生产率

Financing Cost,Resource Misallocation and Total Factor Productivity of Enterprises

本文探寻了我国省级层面融资成本与企业全要素生产率(TFP)之间的关系,提出了降低融资成本对提升企业TFP的影响机制,并基于我国A股上市公司数据进行了实证检验。研究结果表明,融资成本与企业TFP之间具有显著的负相关关系,降低企业融资成本有助于提升企业TFP促进企业高质量发展。在处理了潜在的内生性问题之后,上述结论依然成立。影响机制分析表明,融资成本主要通过影响资源错配作用于企业TFP。进一步的异质性分析表明,融资成本对非国有企业、小型企业、非高新企业以及非僵尸企业全要素生产率的影响更为显著,可能的原因是该类型企业受到的融资约束更强。本文的研究结论为我国金融改革过程中提升金融服务实体经济的能力,实现金融“脱虚向实”提供了参考。

This paper explores the relationship between the financing costs of various provinces in China and the total factor productivity of enterprises,proposes the mechanism of the impact of the reduction of financing costs on the improvement of TFP of enterprises and conducts empirical research.The research found that there is a significant negative correlation between financing costs and corporate TFP.After using the number of provincial bank headquarters in China in 1936 as the instrumental variable of corporate financing costs to solve the endogenous problem,the core conclusion of this paper is still stable.Further analysis of the impact mechanism shows that the financing cost mainly affects the enterprise TFP through the impact of resource misallocation.The paper also analyzes the differences in the nature,scale,industry attributes and identification of zombie enterprises.The research conclusion of this paper provides a reference for improving the ability of financial services to the real economy in the process of China’s financial reform,and realizing the financial“remove virtual to real”.