金融生态环境、融资约束与全要素生产率的动态关系研究--基于上市公司面板VAR的实证分析  

Financial Ecological Environment,Financing Constraints and Total Factor Productivity--Empirical Analysis Based on Panel VAR of Listed Companies

作　　者：李竹梅[1] 侯丹阳 和红伟[1] 郑景丹 Li Zhumei;Hou Danyang;He Hongwei;Zheng Jingdan(School of Economics and Management,Taiyuan University of Technology,Taiyuan 030024,China)

机构地区：[1]太原理工大学经济管理学院,太原030024

出　　处：《工业技术经济》2022年第4期60-67,共8页Journal of Industrial Technological Economics

基　　金：山西省软科学研究项目“山西省上市公司融资约束、研发投入与市场表现研究”(项目编号:2019041002-2)。

摘　　要：本文采用2011~2020年中国上市公司微观样本数据,运用面板VAR的方法,探究了金融生态环境、融资约束与全要素生产率的关系。研究结果显示:改善金融生态环境,将在一定程度上降低企业面临的融资约束问题并且有助于提高企业的全要素生产率;企业遭受严重的融资困境时,会对企业的全要素生产率产生负面影响,并且不利于金融生态环境的改善;提高企业的全要素生产率可以缓解企业遭受的融资约束问题,改善企业所在的金融生态环境。上述研究结果对金融生态环境、企业融资以及全要素生产率相关文献有一定的借鉴意义,对改善金融生态环境、融资环境、提高全要素生产率和制定相关政策具有一定的参考价值。This paper adopts the micro sample data of Chinese listed companies from 2011 to 2020 and uses the panel VAR method to explore the relationship between the financial ecological environment,financing constraints and total factor productivity.The research results show that improving the financial ecological environment will reduce the financing constraints faced by enterpri⁃ses to a certain extent and help improve their total factor productivity;when enterprises suffer from serious financing difficulties,they will have a negative impact on their total factor productivity,and is not conducive to the improvement of the financial ecological environment;increasing the total factor productivity of enterprises can alleviate the financing constraints that enterprises suffer,and improve the financial ecological environment in which they are located.The above research results have certain reference signifi⁃cance for the financial ecological environment,corporate financing and the related literature of total factor productivity,and have certain reference value for improving the financial ecological environment,financing environment,increasing total factor productivi⁃ty and formulating related policies.

关 键 词：金融生态环境 融资约束 全要素生产率 面板 VAR 主成分分析 研发创新 

分 类 号：F832.5[经济管理—金融学] F275