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上市融资对企业全要素生产率的影响研究

Research on the Influences of Listing Financing on Total Factor Productivity of Enterprises
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摘要 文章将研究视角集中于上市对全要素生产率的影响,并以沪深A股上市公司上市前及上市后在2005—2018年时间段的财务数据为研究样本,运用DID模型进行分析考察。研究发现:上市显著促进了企业全要素生产率提升;促进作用因上市公司的负债情况而有所差别,对低负债率组企业的提升作用更强。进一步的机制检验发现,上市获取到的股权融资使得企业利用资金优势扩大经营规模,从而持续将更多的资金投入到研发活动,以此带来企业的效率提升。这一研究表明,股权融资推动了企业的全要素生产率提升,促进了企业高质量发展,为证券市场发展促进企业效率提升提供了新的证据,也为我国证券市场进一步深化改革,以便更好地服务经济高质量发展提供新的政策启示。 This paper focused its research perspective on the impact of listing on total factor pro⁃ductivity,took the financial data of Shanghai and Shenzhen A-share listed companies from 2005 to 2018 before and after listing as the research samples,and used DID model for analysis and in⁃vestigation.The results showed that:listing significantly promoted the improvement of total fac⁃tor productivity;the promotion effect varied with the debt status of the listed companies,and the promotion effect was stronger for enterprises with low debt ratio.Further mechanism testing found that the equity financing obtained from the listing enabled enterprises to use capital advan⁃tages to expand the scale of operation,so as to continue to invest more capital in research and de⁃velopment activities,and finally to improve the efficiency of enterprises.This study showed that equity financing promoted enterprises'total factor productivity and high-quality development,provided new evidence for securities market development to promote enterprises'efficiency im⁃provement,and also provided new policy inspiration for China's securities market to further deepen reform in order to better serve the high-quality economic development.
作者 李雷 周端明 Li Lei;Zhou Duanming(School of Economics and Management,Anhui Normal University,Wuhu Anhui 241000)
出处 《创新科技》 2020年第8期56-63,共8页 Innovation science and technology
基金 2017年度安徽省学术和技术带头人及后备人选学术科研活动资助项目“利益共享的农业现代化道路研究”(2017H150)。
关键词 股权融资 全要素生产率 高质量发展 DID模型 equity financing total factor productivity high-quality development DID model
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