经营环境不确定性与公司全要素生产率——有调节的中介效应

Business Environmental Uncertainty and Total Factor Productivity of Companies:Moderated Mediating Effect

文章以A股非金融类上市公司为样本,实证研究了经营环境不确定性对全要素生产率的影响效应,并在此基础上提出了一个有调节的中介模型,考察非效率投资的中介作用以及股权集中度的调节作用。研究结果表明,经营环境不确定性会抑制公司全要素生产率的提升;非效率投资在经营环境不确定性与公司全要素生产率之间起部分中介作用;公司股权集中度负向调节了经营环境不确定性与公司非效率投资之间的关系,并且弱化了公司非效率投资对经营环境不确定性与全要素生产率之间关系的部分中介作用,对全要素生产率产生积极影响。此外,异质性检验显示,资产规模小、融资约束大的公司,其全要素生产率水平受到环境不确定性的冲击更大。

Taking A-share non-financial listed companies as samples,the paper empirically studies the impact of the uncertainty in business environment on total factor productivity,and then proposes a moderated mediation model to investigate the mediating effect of inefficient investment and the moderating effect of ownership concentration.The results show that the uncertainty in business environment will restrain the improvement of total factor productivity;inefficient investment plays a partial mediating role between business environmental uncertainty and total factor productivity.Corporate ownership concentration negatively moderates the relationship between business environmental uncertainty and corporate inefficient investment,and weakens the partial mediating effect of corporate inefficient investment on the relationship between business environmental uncertainty and total factor productivity,which produces a positive impact on the latter.In addition,heterogeneity test shows that companies with small assets and large financing constraints are more affected by environmental uncertainty in their total factor productivity.