应收账款融资、结构性错配与企业全要素生产率

Accounts Receivable Financing,Structural Mismatches,and Firm Total Factor Productivity

为实体经济高质量发展提供更优质的金融服务,是建设金融强国面临的重要问题与根本使命。供应链金融作为产融结合的重要融资模式,被视为促进金融脱虚向实、解决中小微企业融资难题的重要途径。本文聚焦应收账款融资模式,系统考察了应收账款融资对企业全要素生产率的影响。研究发现,应收账款融资显著提高了企业全要素生产率。机制分析表明,应收账款融资能够通过优化外部信贷配置和内部资源配置进而提高全要素生产率。特别地,应收账款融资在民营企业、中小企业、制造业企业以及成长期企业样本中,能够有效提高全要素生产率,展现了强有力的“纠错配”功能。进一步研究发现,随着地区金融科技水平的提高,应收账款融资对全要素生产率的促进作用更为显著。此外,应收账款融资能够提升企业绿色技术创新水平,推动企业绿色低碳转型和可持续发展。研究结论为企业高质量发展、金融强国建设提供了有价值的经验证据和政策启示。

Providing better financial services for the high-quality development of the real economy is an important issue and fundamental mission for building a strong financial country.Supply chain finance,as an important financing mode of combining production and financing,is regarded as an important way to promote financial de-virtualization and solve the financing problems of small and medium-sized enterprises(SMEs).This paper focuses on the accounts receivable financing model and systematically examines the impact of accounts receivable financing on the total factor productivity of enterprises.The study finds that accounts receivable financing significantly increased the total factor productivity of enterprises.The mechanism analysis shows that accounts receivable financing can increase total factor productivity by optimizing external credit allocation and internal resource allocation.In particular,accounts receivable financing is effective in improving total factor productivity in a sample of private enterprises,small and medium-sized enterprises(SMEs),manufacturing firms,and growth stage firms,demonstrating a strong"mismatch correction"function.It is further found that the contribution of accounts receivable financing to total factor productivity is more significant as the level of regional fintech increases.In addition,accounts receivable financing can enhance the level of green technological innovation of enterprises and promote their green low-carbon transformation and sustainable development.The findings of the study provide valuable empirical evidence and policy insights for the high-quality development of enterprises and the construction of a financial powerhouse.