内部治理与外源融资协同对企业生产率影响分析  

The Impact of Collaboration Between Internal Governance and External Financing on Enterprises' Productivity

作　　者：王勇[1] 张耀辉[2] WANG Yong;ZHANG Yao-hui

机构地区：[1]暨南大学 [2]暨南大学管理学院

出　　处：《产经评论》2018年第5期101-111,共11页Industrial Economic Review

基　　金：国家自然科学基金重点项目"推动经济发达地区产业转型升级的机制与政策研究"(项目批准号:71333007;项目负责人:胡军);广东省普通高校人文社会科学重点研究基地暨南大学企业发展研究所创新培育项目"企业创新驱动下的转型模式研究"(批准号:2015CP01;项目负责人:张耀辉)

摘　　要：市场经济发展过程中,企业主体的内部治理与外源融资协同对企业效率的提高至关重要。从微观企业经营决策的角度出发,基于中国工业企业数据库中规模以上企业的微观数据样本,探讨所有制差异下微观企业治理成本、融资成本对企业生产率的影响。结果发现:治理成本、融资成本均会对生产率产生显著的抑制效应;治理成本越低,企业治理能力越强,企业生产率越高;融资成本越低,企业所需要支出的财务费用越少,企业绩效越高;民营企业生产率对二者的敏感性比国有企业强;其中,民营企业中融资成本的抑制效应更强,然而民营企业存在着融资不足的情况,增加融资可以提升企业销售额和生产率。解决民营企业融资难问题,需要各方力量共同营造公平竞争的环境。The internal governance and external financing of enterprises are more important to the improvement of enterprises productivity in the process of marketization reform.From the perspective of management decision,this article analyzes the impact of micro enterprises financing cost and governance cost on the TFP under different ownerships,based on the large industrial enterprises of Chinese industrial enterprises database.According to the empirical results of the fixed effect model,this paper gets the following conclusions:governance costs and financing costs have a significant negative effect on TFP;The lower governance cost can push the stronger corporate governance ability and higher the productivity of the enterprise.The lower financing costs make less financial expense of the enterprise and strengthen higher enterprise performance,and the sensitivity of the productivity of private enterprises to the two is stronger than that of state-owned enterprises.Among them,not only private enterprises face the stronger negative effect on the financing cost,but they also confront the financing shortage,increasing the financing can enhance the business sales,thus improving production efficiency.This fully shows that it is urgent to solve the financing problem of private enterprises and ensure fair competition environment.

关 键 词：生产率 治理成本 融资成本 国有企业 民营企业 

分 类 号：F425[经济管理—产业经济]