异质性债务融资与企业全要素生产率——基于创新投资与政府补贴视角的观察

Heterogeneous Debt Financing and Corporate TFP:A Test from the Perspective of Innovation Investment and Government Subsidies

企业全要素生产率(TFP)的提升对企业转型升级与经济可持续发展至关重要。本文选取2018—2022年A股上市企业面板数据,基于异质债务假说,对债务融资影响企业全要素生产率进行全面分析,同时观察创新投资和政府补贴在其中的中介和调节效应。研究发现:债务融资正向影响企业全要素生产率,其中关系型债务起到显著促进作用,而交易型债务则表现出抑制影响;创新投资在债务融资对企业全要素生产率的传导路径中具有显著的中介效应;政府补贴对创新投资与企业全要素生产率之间的关系具有倒“U型”调节效应,而且当政府补贴强度高于一定值时,该正向调节效应会被削弱。新时代推进企业全要素生产率提升,加快企业转型升级,需努力拓宽企业债务融资渠道,尤其要发挥好政府的主导作用。

The improvement of total factor productivity(TFP)of enterprises is crucial for their transformation,upgrading,and sustainable economic development.This article selects panel data of A-share listed companies from 2018 to 2022,and conducts a comprehensive analysis of the impact of debt financing on total factor productivity based on the heterogeneous debt hypothesis.At the same time,the mediating and moderating effects of innovation investment and government subsidies are observed.Research has found that debt financing has a positive impact on total factor productivity of enterprises,with relational debt financing playing a significant promoting role and transactional debt financing showing a inhibitory effect;Innovation investment has a significant mediating effect in the transmission path of debt financing on total factor productivity of enterprises;Government subsidies have an inverted U-shaped moderating effect on the relationship between innovation investment and total factor productivity of enterprises,and this positive moderating effect is weakened when the intensity of government subsidies exceeds a certain value.In the new era,to promote the improvement of total factor productivity of enterprises and accelerate their transformation and upgrading,it is necessary to broaden the channels for enterprise debt financing,especially to play a good leading role of the government.