国有企业融资约束、全要素生产率与西部地区经济高质量发展

Financing Constraints of State-Owned Enterprises, Total Factor Productivity and High-Quality Economic Development in Western China

针对进一步提升我国西部地区全要素生产率、实现经济高质量发展的目标,本文以国有企业作为研究对象,通过构建融资约束与企业技术创新投入的分析框架,从理论上推导出融资约束对企业全要素生产率的影响,分析其中的作用机理,并认为融资约束对不同特征国有企业全要素生产率的抑制作用存在差异。同时,以甘肃省为例,使用甘肃省2009—2018年国有企业年度决算统计系统数据进行了实证检验。研究发现:(1)融资约束对国有企业全要素生产率提升具有显著的抑制作用,其机理包括融资约束削弱了国有企业应对外部市场的灵活性、降低了技术创新的有效投入以及企业自身的投资价值。(2)从经营方向与行政隶属的角度划分国有企业的结果发现,融资约束对商业类以及非省属国有企业的全要素生产率抑制作用更强。基于研究结果,本文认为政府应进一步建立和完善以促进国有企业高质量发展为目标的国有资本经营预算体系,并为非省属等处于融资劣势地位的企业提供专项科技研发资金,充分解决其面临的融资约束困境,还应坚持分类改革、加速调整国有资本布局,进一步提升国有企业全要素生产率。

Aiming at the goal of further improving total factor productivity and realizing high-quality economic development in Western China,this paper takes state-owned enterprises as the research object,constructs the analysis framework of financing constraints and enterprise technological innovation investment,theoretically deduces the impact of financing constraints on enterprise total factor productivity,and analyzes the mechanism. It is considered that the inhibitory effect of financing constraints on total factor productivity of different state-owned enterprises is different. Taking Gansu Province as an example,this paper makes an empirical test using the annual final accounts statistical system data of stateowned enterprises in Gansu Province from 2009 to 2018. The results show that:Financing constraints have a significant inhibitory effect on the improvement of total factor productivity of state-owned enterprises. The mechanisms include:Financing constraints weaken the flexibility of state-owned enterprises to deal with external markets,reducing the effective investment in technological innovation and the investment value of enterprises themselves.The heterogeneous results show that financing constraints have a stronger inhibitory effect on the total factor productivity of commercial and non-provincial state-owned enterprises.Based on the research results,this paper believes that the government should further establish and improve the state-owned capital operation budget system,and provide special science and technology R & D funds for non-provincial and other enterprises in a financing disadvantage position,so as to fully solve the financing constraints they face. We should also adhere to classified reform,accelerate the adjustment of the layout of state-owned capital,and further improve the total factor productivity of state-owned enterprises.