融资约束对企业全要素生产率的影响研究

The Impact of Financing Constraints on Total Factor Productivity of Enterprises

基于2010-2019年A股上市公司样本数据,对融资约束与企业全要素生产率之间的关系及多元化经营战略的中介效应进行探讨。研究表明,融资约束对企业全要素生产率呈显著负向影响。另外,融资约束对企业全要素生产率的作用在不同产权、不同金融生态环境及不同市场化进程中存在异质性。进一步分析发现,多元化经营战略对企业全要素生产率呈现倒U型关系,同时在融资约束影响企业全要素生产率中发挥中介效应。

Based on the sample data of companies listed in the A-share stock market from 2010 to 2019,this paper discusses the relationship between financing constraints and total factor productivity of enterprises and the mediating effect of the diversified business strategy.The results show that financing constraints have a significant negative impact on total factor productivity.In addition,the effect of financing constraints on total factor productivity is heterogeneous in different property rights,different financial ecological environments and different marketization processes.Further analysis shows that the diversification strategy has an inverted U-shaped relationship with TFP,and also plays a mediating role in the impact of financing constraints on TFP.