信用评级对企业全要素生产率的影响研究

Research on the Impact of Credit Evaluation on Total Factor Productivity of Enterprises

全要素生产率是衡量资源配置效率和技术创新水平的关键指标,对促进经济的高质量增长起着至关重要的作用。信用评级是衡量企业信誉的重要指标,是投资者了解企业信用风险并做出投资决策的重要信息来源,因此信用评价对企业的融资起到至关重要的作用。所以本文以2013~2023年沪深A股上市公司为研究对象,运用Python进行数据分析,探究信用评级对企业全要素生产率的影响。研究结果表明,信用评级与企业全要素生产率存在倒U型关系,且这种关系存在股权性质异质性。技术创新能够调节信用评级与企业全要素生产率之间的倒U型关系。本文的研究为企业实现高质量发展过程中注重企业信用评级管理提供数理证据。Total Factor Productivity (TFP) is a key indicator for measuring the efficiency of resource allocation and the level of technological innovation, playing an essential role in promoting high-quality economic growth. Credit rating is an important measure of a company’s credibility, serving as a crucial source of information for investors to understand the credit risk of enterprises and make investment decisions. Therefore, credit ratings play a vital role in corporate financing. Thus, this paper takes the listed companies on the Shanghai and Shenzhen A-shares market from 2013 to 2023 as the research subjects, using Python for data analysis, to explore the impact of credit ratings on corporate TFP. The research results show that there is an inverted U-shaped relationship between credit ratings and corporate TFP, and this relationship has heterogeneity in equity nature. Technological innovation can regulate the inverted U-shaped relationship between credit ratings and corporate TFP. This study provides empirical evidence for enterprises to focus on credit rating management in the process of achieving high-quality development.