商业信用融资对企业全要素生产率影响研究

Research on the Impact of Commercial Credit Financing on Total Factor Productivity of Enterprises

以2011—2020年中国上市企业数据为研究样本,实证检验商业信用融资对企业全要素生产率的作用机制。研究发现:商业信用融资与企业全要素生产率之间呈倒“U”型曲线关系,融资约束起部分“U”型中介作用;组织冗余对商业信用融资与全要素生产率的曲线关系产生调节作用,并使曲线形态变平缓。进一步研究发现,商业信用融资对非国有企业和小规模企业全要素生产率的倒“U”型关系更显著,且在成熟期商业信用融资对企业全要素生产率的“U”型关系消失,产生了正向线性效应。研究结果丰富了商业信用融资与企业全要素生产率之间的关系,对企业合理确定商业信用融资规模、提高经营能力具有一定的实践意义。

Based on the data of Chinese listed companies from 2011 to 2020 as the research sample,this paper empirically tests the effect mechanism of trade credit financing on the total factor productivity of enteiprises.The study found that the relationship between trade credit financing and enterprise total factor productivity is an inverted U-shaped curve,and financing constraints play a partial U-shaped intermediary role;organizational redundancy has a moderating effect on the curve relationship between trade credit financing and total factor productivity,and makes the curve The shape is flattened.Further research found that the inverted U-shaped relationship between trade credit financing and the total factor productivity of non-state-owned enterprises and small-scale enterprises is more significant,and the U-shaped relationship between trade credit financing and the total factor productivity of enterprises disappears in the mature stage,resulting in a positive linear effect.The research results enrich the relationship between trade credit financing and the total factor productivity of enterprises,and have certain practical significance for enterprises to reasonably determine the scale of trade credit financing and improve their operational capabilities.