上市企业全要素生产率对其自生能力的影响机制——基于汽车制造业会计核算等式的研究  

Mechanism for Total Factor Productivity Impact on the Viability of Listed Companies:Research on the Accounting Equation Based on the Automobile Manufacturing Industry

作　　者：姚治国 朱聪浩 杨金朋 YAO Zhiguo;ZHU Conghao;YANG Jinpeng(School of Business,Lishui University,Lishui 323000,China;School of International Business,Tianjin Foreign Studies University,Tianjin 300270,China)

机构地区：[1]丽水学院商学院,浙江丽水323000 [2]天津外国语大学国际商学院,天津300270

出　　处：《南京财经大学学报》2023年第2期43-52,共10页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金一般项目“多元利益主体视角下旅游生态标签认证的双向影响机制及信号传递效应研究”(20BGL156);天津外国语大学校级项目“研发投入对企业自身能力的影响研究——以汽车制造业上市公司为例”(2022YJ5092);天津市教育委员会科研项目“可持续生计视角下的乡村旅游社区人地系统优化:天津蓟州区案例”(2019SK066);丽水市哲学社会科学常规课题“丽水旅游业红绿融合模式及实施路径研究”(LACG202311)。

摘　　要：企业高质量发展及其自生能力提升一直受到学者们的广泛关注。基于会计核算等式,研究企业全要素生产率对其自生能力的作用机制。运用2008—2021年中国240家汽车制造业上市企业的数据进行实证分析,发现上市企业全要素生产率与其自生能力存在显著正向相关关系。在机制分析中,发现上市企业全要素生产率主要通过降低企业生产成本、缓解企业融资约束来提高企业自生能力。异质性分析发现,国有企业全要素生产率对其自生能力的作用效果显著低于民营企业;中游和下游企业全要素生产率对其自生能力的作用效果显著低于上游企业和汽车芯片生产企业。为有效增强企业自生能力,需要加大研发投入,提高企业创新能力;构建全生命周期管理体系,提高资金的利用效率;提高金融中介机构对企业的贷款支持力度,缓解企业融资成本。High-quality development and the viability of enterprises are issues that have long attracted the attention of scholars.This paper,based on the accounting identity equation,studies the mechanism for the impact of total factor productivity(TFP)on viability and conducts an empirical analysis of the data of 240 listed automobile manufacturing companies from 2008 to 2021.The results show that there is a significant positive relationship between TFP and viability,and robustness tests support this conclusion.The mechanism analysis shows that TFP mainly affects viability through production costs,and financing constraints can have an amplifying regulatory effect.Heterogeneity analysis shows that the effect of TFP on viability in state-owned and central enterprises is significantly lower than for other types;the effect of TFP on viability in midstream and downstream enterprises is significantly lower than in upstream enterprises and automotive chip manufacturing companies.Effectively improving viability requires an increase in R&D investment,enhanced corporate innovation capabilities;the promotion of full life cycle management to coordinate and unify enterprise resource management and allocation,improvement of capital-utilization efficiency;and an increase in loan support from financial intermediaries to enterprises to alleviate corporate financing costs.

关 键 词：自生能力 全要素生产率 会计核算 融资约束 生产成本 

分 类 号：F425[经济管理—产业经济] F426.471F832.5