垂直结构、歧视性信贷与企业全要素生产率

Vertical Structure,Discriminatory Credit and Total Factor Productivity of Enterprises

文章基于2010-2020年我国沪深A股非金融类上市公司面板数据,梳理文献并构建理论机制图,实证考察了垂直结构、歧视性信贷对企业全要素生产率的作用机制及其具体影响。研究发现,垂直结构和歧视性信贷均显著抑制了企业全要素生产率,且相对于国有企业,民营企业全要素生产率受到的抑制作用更强。异质性分析表明,垂直结构对东部地区企业全要素生产率抑制作用相对较小,歧视性信贷则对东部企业全要素生产率具有更明显的抑制效果;垂直结构对民营企业全要素生产率的抑制作用随企业规模扩大呈现上升趋势,歧视性信贷对不同规模的企业全要素生产率呈现U型抑制作用。机制分析进一步发现,垂直结构和歧视性信贷降低了资本配置效率,抑制了企业技术创新。在我国经济转型关键时期,进一步深化国有企业平行市场化改革,弱化上游产业行政壁垒,优化银行信贷资源配置,促进包括广大中小民营企业在内的创新研发,以有效提升产业全要素生产率。

Based on the panel data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2020,this paper reviews the literature and constructs A theoretical mechanism chart to empirically investigate the mechanism and specific impact of vertical structure and discriminatory credit on the total factor productivity of enterprises.It is found that both vertical structure and discriminatory credit significantly inhibit the total factor productivity of enterprises,and compared with state-owned enterprises,private enterprises have a stronger inhibition effect on the total factor productivity.Heterogeneity analysis shows that vertical struc-ture has a relatively small inhibitory effect on the total factor productivity of enterprises in the eastern region,while discriminatory credit has a more obvious inhibitory effect on the total factor productivity of enterprises in the eastern region.The inhibitory effect of vertical structure on the total factor productivity of private enterprises shows an upward trend with the expansion of enterprise scale,and the discriminatory credit has a U-shaped inhibitory effect on the total factor productivity of enterprises of different scales.Mechanism analysis further finds that vertical structure and discriminatory credit reduce the efficiency of capital allocation and inhibit technological innovation.In the critical period of China's economic transformation,further deepen the parallel market-oriented reform of state-owned enterprises,weaken the upstream industrial administrative barriers,optimize the allocation of bank credit resources,and promote innovative research and development,including the majority of small and medium-sized private en-terprises,in order to effectively improve the total factor productivity of the industry.