融资约束与我国企业生产效率:抑制还是提升?

Can Financial Constraints Improve the Productivity of Chinese Firms?

现有研究大量关注融资约束对企业的负面作用,而对于融资约束是否有助于提升我国企业的生产效率未有一致认识。针对我国企业融资约束与生产效率方面存在的"关系"问题,将企业研发投资行为与生产效率引入企业生产函数。构建动态理论模型,推导融资约束与我国全要素生产率增长速度的提升之间可能存在U型关系或是正相关关系的竞争性假设。然后基于中国上市公司2000-2011年数据的实证研究支持了正相关关系的假说,而否定了U型关系假说。且无论在金融危机前,还是在金融危机后,这一正相关关系都没有显著变化。这说明企业融资越困难越珍惜来之不易的资金,尽其所能地提高自身生产效率。由此证实了"融资约束有助于推动生产效率提升"观点在中国的适用性。

This paper pays attention to the role of financial constraints on enhancing productivity efficien- cy in China. Through a theoretical model, we derive there may be a U - shape, positive or negative relation between financial constrains and increasing productivity efficiency. We document empirical evidences identif- ying the significantly positive relation between financial constraints and productivity, meanwhile rejecting the U shape and negative relation assumption. Moreover, either in the period before or after the financial crisis, this kind of positive relation robustly exists. Therefore, our study supports Li（2011 ）＇s theory on the relation be- tween financial constraints and productivity.