中国制造业上市公司融资结构与TFP增长率分析

Analysis on Financing Structure and Growth Rate of Chinese Manufacturing Listed Companies

本文基于2008-2014年中国制造业上市公司面板数据,采用DEA-Malmquisit方法测算了TFP增长率及其分解指标,研究了不同所有制背景下融资方式对企业TFP增长率及其分解指标的影响。结果表明:从整体行业看,技术进步率对TFP增长率贡献最大,纯技术效率是制约我国制造业上市公司全要素生产率增长的关键指标;如果适度提高各行业纯技术效率,TFP增长率将会得到更大程度增加。企业债务融资、内部融资对制造业国有控制、非国有控制上市公司的TFP增长率具有正向推动作用,但作用机理不同:债务融资通过对技术进步率产生正向推动作用,继而推动TFP增长率提高。内部融资则通过对规模效率产生正向推动作用,继而推动TFP增长率提高。股权融资未能有效促进制造业非国有控制上市公司TFP的增长,说明在上市公司股权融资的募集资金使用监管等方面,存在进一步提升的空间。

Based on the panel data of listed manufacturing companies in China from 2008 to 2014,DEA-Malmquisit is used in the paper to calculate the TFP growth rate and its decomposition indexes,and both influencing differences of financing methods on the TFP growth rate and its decomposition indexes of enterprises under different ownership backgrounds are studied. The results show that from the perspective of the whole industry,the rate of technical progress contributes the most to the TFP growth rate,and the pure technical efficiency is the key index that restricts the TFP growth of listed manufacturing companies in China. If the pure technical efficiency of various industries is moderately improved,the TFP growth rate will be increased to a greater extent. Debt financing and internal financing have positive effects on the TFP growth rate in Chinese state-owned and non-state-owned listed companies in the manufacturing industry,but the mechanism is different. Debt financing has a positive effect on the rate of technical progress,and then promotes the TFP growth rate. Internal financing,on the other hand,has a positive effect on scale efficiency,thereby promoting the increase of TFP growth rate. Equity financing does not effectively promote the growth of TFP of listed companies,controlled by non-state enterprises in the manufacturing industry. This situation shows listed companies need further improvements in the use of funds within the regulatory aspects.