产融结合与全要素生产率关系

Relationship between the Combination of Industry and Finance and Total Factor Productivity

选择2008~2015年中国非金融上市公司投资非上市金融企业数据,深入分析产融结合对全要素生产率的影响。研究结果表明,非金融上市公司投资非上市金融企业可提升企业全要素生产率,但投资总金额和总资产之比与全要素生产率呈先增后减的"倒U型"关系,目前最优比在8%左右;相比非国有企业,国有企业投资非上市金融企业金额越大越能改善企业效率;上市公司投资财务公司时产融结合效应最优;相比参股,控股非上市金融企业对上市公司全要素生产率有明显的促进作用,但控股之后再继续增加投资金额不利于企业生产效率。

This study uses information from non -financial listed companies that invested in un- listed financial enterprises in China,from 2008 to 2015 ,to conduct an in -depth analysis of the im- pact of the nexus of industry and finance on total factor productivity. The results show that non- financial listed companies＇ investment in unlisted financial enterprises can enhance total-factor productivity. However ,the ratio of total investment in total assets and the total factor productivity ratio show an inverted U-shaped relationship. Specifically, the total factor productivity ratio first increa- ses, then decreases ,with the increase in the ratio of total investment in total assets. The current optimal ratio is approximately 8%. Compared to non-state-owned enterprises, higher investment from state-owned enterprises in unlisted financial enterprises tends to improve the efficiency of these enterprises. The results show that the effect of the nexus of industry and finance was the greatest when listed companies invest in financial companies. Compared to equity investment, be- coming a holding company of unlisted financial enterprises appears to have a substantial stimula- ting effect on the total factor productivity of listed companies. However, a continued increase in investment after taking possession of the holding position is not conducive to enterprise production efficiency.