非技术成本、融资约束对我国新能源产业全要素生产率的影响研究

The Influence of Non-technical Cost and Financing Constraint on Total Factor Productivity of New Energy Industry in China

新能源产业对我国经济社会的长远发展具有重大引领作用,但其发展却受居高不下的非技术成本及融资约束等难题困扰。利用新能源产业上市公司2010—2021年的数据,运用分位数回归模型研究非技术成本以及融资约束对该产业生产率的影响。研究结果表明:在整体回归中,非技术成本与全要素生产率呈倒U型关系,内部融资约束对生产率具有抑制作用,外部融资约束对生产率具有促进作用。分产权性质回归中,倒U型特征在非国有企业中更显著,内部融资约束对非国有企业以及生产率水平较低的企业抑制作用更显著,外部融资约束对非国有企业及生产率水平较低的企业促进作用更显著。分地区回归中,中西部地区的倒U型特征更显著,内部融资约束对东部地区及生产率水平较低的企业抑制作用更显著。外部融资约束对中西部地区生产率的促进作用更显著。

The new energy industry plays an important leading role in the long-term development of China’s economy and society.But its development is plagued by high non-technical costs and financing constraints.Based on the data of listed companies in the new energy industry from 2010 to 2021,this paper used quantile regression model to study the impact of non-technical costs and financing constraints on the industry productivity.The results show that:In the overall regression,the relationship between non-technical cost and total factor productivity is inverted U-shaped.Internal financing constraints have a restraining effect on productivity,while external financing constraints have a promoting effect on productivity.Points property nature regression and the inverted U shape features are more significant in non-state enterprises,internal financing constraints and the low level of productivity of non-state enterprises are more significant inhibition,external financing constraints and low productivity level of non-state enterprises promoting effect are more significant.In the regional regression,the inverted U-shaped feature is more significant in the central and western regions,and the internal financing constraint has a more significant inhibiting effect on the eastern region and enterprises with lower productivity level.External financing constraints have a more significant effect on productivity in the central and western regions.