经营性负债、金融周期与企业全要素生产率

Operating Liabilities,Financial Cycles and the Total Factor Productivity

中国经济正处于高速增长向高质量发展的转型期,面对经济运行过程中出现的金融周期波动,提高企业全要素生产率是问题的关键。使用2003—2018年A股主板上市公司数据为研究样本,尝试将金融周期因素引入模型后发现,经营性负债与企业全要素生产率具有显著的正相关关系;进一步地,金融周期因素对经营性负债与企业全要素生产率之间的正相关关系存在逆向调节作用。该结论可能提供了一个新的决策视角:企业应该客观地看待有关金融周期波动机制及其前瞻信号,根据自身特点制定合适的经营管理和投融资决策来提升经营和管理水平;对于监管机构而言,应深化金融监管,创造有利于企业发展的金融环境,从而使企业更好地应对金融周期以推动经济的高质量发展。

China's economy is transforming from high-speed growth to high-quality development.Facing financial cycle fluctuations in economic operation,how to improve the total factor productivity of enterprises is the key to the problem.The data of A-share main board listed companies from 2003 to 2018 are used to investigate the influence of financial cycles on the total factor productivity of enterprises,and it is found that the operating liabilities have a significant positive correlation with the total factor productivity,and the financial cycle factors have a reverse adjustment effect on the positive correlation between operating liabilities and the total factor productivity.This conclusion may provide a new decision-making perspective:the enterprises should treat the relevant financial cycle fluctuation mechanism and its forward-looking signals objectively,and make appropriate decisions according to their own characteristics;while the regulators should create a financial environment conducive to the development of enterprises,so that enterprises can better cope with the financial cycle to promote the high quality development of the economy.