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债务期限结构与制造业企业全要素生产率 被引量:1

Debt Maturity Structure and Total Factor Productivity of Manufacturing Enterprises
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摘要 “十四五”期间乃至未来相当长的时期内,中国将把发展经济的重心放在实体经济上,坚定不移推进制造强国建设。为实现这一宏伟目标,在微观上需要优化债务的期限结构,为提升制造业企业全要素生产率提供资金支持。在已有研究的基础上,从理论上探究债务期限结构对制造业企业全要素生产率的影响效应及作用机制,并采用制造业上市公司面板数据进行计量检验。研究发现:第一,以短期债务占比衡量的债务期限结构与制造业企业全要素生产率存在显著的倒U型关系,拐点对应的最优债务期限结构为0.614。当债务期限结构低于这一最优值时,追加短期债务对全要素生产率具有促进效应,然而,当债务期限结构超过最优值时,追加短期债务对全要素生产率具有抑制效应。第二,债务期限结构对不同类型制造业企业全要素生产率皆存在倒U型影响效应,但影响程度不同。与非国有、大规模、成长型和东部地区的制造业企业相比,债务期限结构对国有、小规模、成熟型和中西部地区制造业企业全要素生产率影响的边际效应更大。第三,债务期限结构通过改善公司治理水平对制造业企业全要素生产率产生正向作用,通过抑制技术研发能力对制造业企业全要素生产率产生负向作用。债务期限结构对制造业企业全要素生产率的影响效应在不同债务期限结构情境有着异质性表现,叠加后的相互抵消效应促使倒U型关系形成。该结论可为深化金融供给侧结构性改革以及推动制造业高质量发展提供政策启示。 During the“14th Five-year Plan”period and even for a long time,China will focus on the real economy and unswervingly promote the construction of a manufacturing power.In order to achieve the ambitious goal,we need to optimize the term structure of financing at the micro level and build a debt term structure system that helps to improve the total factor productivity of manufacturing enterprises.On the basis of summarizing the existing studies,the article theoretically explores the effect and mechanism of debt maturity structure on total factor productivity of manufacturing enterprises.Using panel data of listed manufacturing companies to empirically test,the results show that,the debt maturity structure measured by the proportion of short-term debt has a significant inverted U-shaped relationship with the total factor productivity of manufacturing enterprises,and the optimal debt maturity structure corresponding to the inflection point is 0.614.When the debt maturity structure is lower than the optimal value,the additional short-term debt has a promoting effect on total factor productivity.However,when the debt maturity structure exceeds the optimal value,the additional short-term debt has a restraining effect on total factor productivity.Debt maturity structure has an inverted U-shaped effect on total factor productivity of different types of manufacturing enterprises,but the degree of impact is different.Compared with non-state-owned,large-scale,growing and eastern manufacturing enterprises,the debt maturity structure has a greater marginal effect on the total factor productivity of state-owned,small-scale,mature and mid-western manufacturing enterprises.Debt maturity structure has a positive effect on the total factor productivity by improving the level of corporate governance,and a negative effect on the total factor productivity by inhibiting technology R&D capability.The effect of debt maturity structure on total factor productivity of manufacturing enterprises is heterogeneous in different debt maturity structure scenarios,and the mutual offset effect leads to the inverted U-shaped relationship between the debt maturity structure and the total factor productivity of manufacturing enterprises.The conclusions provide policy enlightenment for deepening the structural reform of financial supply side and promoting the high-quality development of manufacturing industry,which mainly include the following three aspects:(1)The maturity structure of debt financing should be optimized to promote the high-quality development of manufacturing industry.Only when manufacturing enterprises set the debt maturity structure within a reasonable range will it be conducive to the improvement of total factor productivity.In view of the current objective reality that the proportion of short-term debt of most real enterprises in China is too high,financial institutions should increase the efforts to invest medium and long-term funds in manufacturing enterprises.(2)According to the heterogeneity of the relationship between debt maturity structure and total factor productivity,the proportion structure of short-term debt and medium and long-term debt should be arranged differently.According to different ownership,scale,life cycle and region,manufacturing enterprises should establish different debt maturity structures to improve the total factor productivity.(3)The financial system should deepen the supply side structural reform and strengthen the development of capital finance.In the current stage of high-quality economic development,the role of scientific and technological innovation is more prominent.Capital finance is more suitable for technological innovation projects than debt finance.It is necessary to strengthen the development of capital finance,and provide stable medium and long-term funds for the high-quality development of manufacturing enterprises.
作者 张前程 宋俊秀 张雨琴 ZHANG Qian-cheng;SONG Jun-xiu;ZHANG Yu-qin(School of Economics,Anhui University,Hefei 230601,China)
出处 《统计与信息论坛》 CSSCI 北大核心 2022年第9期90-105,共16页 Journal of Statistics and Information
基金 国家社会科学基金一般项目“利率放开后金融市场间利率传导阻滞的测度、成因与对策研究”(19BJY241) 全国统计科学研究一般项目“新形势下‘宽货币’向‘宽信用’传导效率的统计测度与影响因素研究”(2020LY 095) 安徽省社会科学创新发展研究攻关项目“共生理论视角下安徽金融与实体经济共生发展的测度、机制与路径研究”(2021CX056)。
关键词 债务期限结构 制造业企业 全要素生产率 公司治理 技术创新 debt maturity structure manufacturing enterprises total factor productivity corporate governance technological innovation
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