当前制造业企业的融资约束是过度抑或不足——基于高质量发展要求的审视与评判

Is the Financing Constraint of the Current Manufacturing Enterprises Excessive or Insufficient:The Review and Judgment Based on the Requirements of High Quality Development

多年以来,学者们基于融资约束阻碍企业与经济增长的定性思维对融资约束进行了大量研究,而本文从融资约束本质与高质量发展核心要求(提高全要素生产率)视角对其进行了再探讨。首先,企业融资约束在本质上是市场机制配置金融资源的一种内在要求,"资产质地越好,对应的融资约束程度或融资难度也应越小,反之亦相反"是优化金融资源配置的需要。然后,从学理上阐释了融资约束对全要素生产率的作用机理,指出融资约束对企业全要素生产率理论上存在倒U型影响关系,融资约束过度或不足都会酿成效率灾难。最后,本文以2 011-2 017年沪深两市所有制造业上市公司为基础样本,在有效测度融资约束、全要素生产率及其分解效率基础上,综合运用门槛模型、PVA R等方法,从多个维度得出如下结论 :融资约束本质作用发挥在某些维度受到了扭曲;当前制造业企业融资约束已经过度,企业如提高全要素生产率,所承受的融资约束还将更为严重。研究结论对正确评判与科学应对当前制造业融资约束问题具有较强的现实意义。

Manufacturing enterprises are the important micro foundation of China’s economic development,and financial constraints(FC)is a difficult problem that has puzzled Chinese manufacturing enterprises for many years.Over the years,scholars have done a lot of research on financing constraints based on the inertial thinking that financing constraints hinder enterprises and economic growth.This paper re-explores them from the perspective of the essence of financing constraints and the core requirements of high-quality development(improving total factor productivity).Firstly,this paper analyses the essence of enterprise financing constraints,and holds that enterprise financing constraints are essentially an inherent requirement of market mechanism to allocate financial resources."The better the quality of assets,the smaller the degree of financial constraints or the difficulty of financing;conversely,the reverse"is the need to optimize the allocation of financial resources.Secondly,this paper explores the internal mechanism of financing constraints affecting the total factor productivity of enterprises in theory,and points out the financing constraints have an inverted U-shaped influence on the whole process of enterprise total factor productivity,and the excessive or insufficient financing constraints will lead to the disaster of production efficiency.Finally,based on the samples of all manufacturing listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange from January1,2011 to December 31,2017,as well as the effective measurement of total factor productivity and financing constraints,this paper makes a comprehensive use of the empirical research methods such as threshold model and PVAR,and draws the following conclusions:①The essential role of financing constraints is distorted in some dimensions;②the financing constraints of current manufacturing sample enterprises have been excessive,And if manufacturing enterprises improve total factor productivity,their financing constraints will be more serious.The conclusion of the study has a strong practical significance for correctly judging and scientifically dealing with the current financing constraints of manufacturing industry in China.