制造业产融结合、资本配置效率与企业全要素生产率

Integration of Manufacturing Industry and Finance,Efficiency of Capital Allocation and Firm's Total Factor Productivity

推动制造业与金融服务业深度融合,有助于制造业转型升级和经济高质量发展。本文利用2009—2018年制造业上市公司数据,实证考察产融结合对企业全要素生产率的影响机制。结果表明,与控制组相比,产融结合对制造业企业全要素生产率提升具有显著的促进作用;异质性研究表明,相对国有企业、规模较大的企业而言,非国有企业、中小企业产融结合对全要素生产率的影响更为明显。进一步分析发现,产融结合增强企业投资对投资机会的敏感性程度,由此促进企业资本配置效率的提升,这表明产融结合通过资本配置效率驱动企业全要素生产率提升。研究结论为推动中国产融结合、提升全要素生产率、实现经济高质量发展提供了政策依据。

The deep integration of the manufacturing industry and the financial services industry is conducive to industrial transformation and upgradation, as well as economic high-quality development.Based on the data of listed manufacturing companies from 2009 to 2018,this paper empirically studies the influence mechanism of the integration of industry and finance on firms’ s total factor productivity(TFP).The results show that compared with the control group, the integration of manufacturing industry and finance plays a significant role on TFP of manufacturing enterprises.The heterogeneity study shows that compared with state-owned enterprises and large scale enterprises, the impact of the integration of industry and finance of non-state-owned enterprises and small and medium-sized enterprises on TFP is more significant.Furthermore, the integration of manufacturing industry and finance enhances the sensitivity of firms’ investment to investment opportunities, thereby improving the capital allocation efficiency, indicating that the integration of industry and finance drives firms’ TFP Through the efficiency of capital allocation.The conclusion of the study provides reference to promote the integration of industry and finance, the TFP of enterprises and high-quality economic development.