The Impact of Internal Financing on Productivity-An Empirical Study on Chinese Listed Manufacturing Firms

Using a panel of 1,747 Chinese manufacturing firms over the period of 2001 to 2016, we examine how internalfinancing affects labour productivity. Value-added revenue over total employees and total factor productivity areused as proxy for labour productivity. Different regressions models including OLS, FGLS, and GMM have beenimplemented to conduct the empirical analysis. The results show that internal financing has positive effect on firms＇productivity as a whole. What is more, whether the firms have state-owned property or not differentiates theexplanation of cash-flow boosted productivity improvement as well as equity-boosted productivity improvement.This paper further took firms＇ location and the effect financial crisis into consideration. It discovered that thedegree of regional development, which is measured by nominal GDP, has significant positive impact on labourproductivity, especially for state-owned enterprises （SOEs）. The 2008 financial crisis is found to have a positiveinfluence on after-crisis labour productivity. We believe this paper shed light on firms＇ after-crisis financingmanagement and government policies to improve the financing structure in the manufacturing sector.

Harmonic moments and large deviations for a critical Galton-Watson process with immigration

In this paper,a critical Galton-Watson branching process with immigration Z_(n)is studied.We first obtain the convergence rate of the harmonic moment of Z_(n).Then the large deviation of S_(Z_(n)):∑_(i=1)^(Z_(n))X_(i)is obtained,where{X_(i)}is a sequence of independent and identically distributed zero-mean random variables with the tail indexα>2.We shall see that the converging rate is determined by the immigration mean,the variance of reproducing and the tail index of X_(1)^(+),compared with the previous result for the supercritical case,where the rate depends on the Schroder constant and the tail index.