摘要
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.
作者
郑明贵
尤碧莹
郑雯芳
ZHENG Ming-gui;YOU Bi-ying;ZHENG Wen-fang(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,China;School of Management,University of Science and Technology of China,Hefei 230026,China)
出处
《哈尔滨商业大学学报(社会科学版)》
CSSCI
2022年第5期53-66,共14页
Journal of Harbin University of Commerce:Social Science Edition
基金
国家社会科学基金重点项目“中国战略性矿产资源国家安全评估与预警系统研究(2020-2050)”(18AGL002)
国家自然科学基金重点项目“大数据环境下的评价理论、方法和应用”(71631006)
江西理工大学重大项目培育计划“大数据驱动下国家矿产资源安全战略管理现代化研究”(19ZDPY-08)。
关键词
商业信用融资
企业全要素生产率
融资约束
组织冗余
trade credit financing
total factor productivity of enterprises
financing constraints
organizational redundancy