股权质押、融资约束与企业全要素生产率——来自上市公司的实证研究

Equity Pledge, Financing Constraints and Firm Total Factor Productivity——Empirical research from listed companies

股权质押已成为现今资本市场上的一种普遍现象,是企业解决自身融资约束的重要手段。本文以2014年至2018年沪深两地上市公司的数据为样本,实证分析了股权质押对上市企业全要素生产率的影响,并引入融资约束因素。本文得出结论:(1)企业的股权质押行为不会提高企业全要素生产率,随着股权质押比例的升高,企业全要素生产率受到更加显著的抑制作用;(2)当企业面临较强的融资约束时,股权质押对企业全要素生产率的抑制作用将更加剧烈。

Equity pledge has become a common phenomenon in the capital market and an important way for enterprises to solve their financing constraints.Our article takes the data of all companies which listed in Shanghai and Shenzhen from 2014 to 2018 as a sample to research the effect of equity pledge on the TFP of listed companies,and bring financing constraints into empirical analysis.The conclusion of this paper is as follows:(1)equity pledge can’t improve firm TFP.As the equity pledge ratio increasing,TFP has become more significantly inhibited;(2)when enterprises are faced with strong financing constraints,the inhibit effect of equity pledge on corporate TFP will be more serious.