融资约束、经济政策不确定性与企业全要素生产率——基于我国上市制造业企业数据的经验分析

Financing Constraints,Economic Policy Uncertainty and Total Factor Productivity——Empirical Analysis Based on Listed Manufacturing Enterprises

本文选取2005-2018年我国A股上市制造业企业的年度面板数据,通过固定效应模型和DID双重差分模型实证分析了融资约束和经济政策不确定性对企业全要素生产率的影响。实证分析结果显示,经济政策不确定性和企业融资约束总体上对企业全要素生产率产生了显著的负向效应,国有企业和大型企业对经济政策不确定性所产生的负面效应不敏感,通过缓解企业外部融资约束和提升企业内部现金流水平有助于民营、小型企业减轻政策不确定性带来的负面影响,但经济政策不确定性会通过加大企业融资约束而进一步影响企业全要素生产率。

This paper selects the annual panel data of China's A-share listed manufacturing enterprises from 2005 to 2018,and empirically analyzes the impact of financing constraints and economic policy uncertainty on enterprise total factor productivity through the fixed effect model and the DID double difference model.The results show that economic policy uncertainty and corporate financing constraints have a significant negative effect on total factor productivity in general.State-owned enterprises and large-scale enterprises are not sensitive to the negative effects of policy uncertainty.Easing external financing constraints and improving internal cash flow level of enterprises will help to alleviate the negative effects.The uncertainty of economic policy will further affect the total factor productivity by increasing the financing constraints of enterprises.