融资约束对产品质量的异质性影响研究--基于中国企业-员工匹配调查数据

Research on the Heterogonous Effects of Credit Constraints to Product Quality:An Empirical Study Based on China Employer-Employee Survey Data

不同类型融资约束,可能会使企业产生不同的质量选择行为。现有文献研究了融资约束与企业质量行为的总体效应,而没有基于我国独特的金融市场结构进行异质性分析。笔者以一个随机抽样调查的企业样本,探讨了不同类型融资约束对于产品质量的异质性影响。实证结果表明,来自正规金融市场的融资约束,对企业产品质量水平具有显著的正效应,而非正规金融市场的约束对企业产品质量具有显著负效应。因此,正规金融约束能够提升企业的产品质量激励,而来自非正规金融市场的约束,则会降低企业提升产品质量的努力。基于这一发现,笔者提出的政策建议是:加大面向民营企业的正规金融服务,缓解其资金压力的同时也对其产品质量行为产生外在约束,进而提升其产品质量水平。同时,规范非正规金融市场发展,降低企业的总体融资成本,使得非正规金融能够对企业产品质量的提升起到正向的作用。

Different types of financial constraints may led to different choice of enterprises on their product＇s quality. The existing literatures have researched the total effects of financial constraints on quality, but haven＇ t considered the different structure of financial market. Based on an enterprise survey with random sampling, this paper studies the different impacts of credit constraints on product quality. It is indicated that credit constraints from formal financial markets have a significant positive influence on product quality, while credit constraints from informal ones have a significant negative influence on it. It is suggested that the govern- ment should promote the informal finance service for domestic private firms, relieve their financial pressures and restrain their quality behaviors at the same time, thus improve their product quality at last. Moreover, the government should regulate the informal financial markets to promote the real economic development.