数字金融、融资水平与企业全要素生产率——基于A股和新三板制造业上市企业的实证研究  

Digital Finance,Financing Level,and Total Factor Productivity of Enterprises:An Empirical Study on A-share and New Third Board Listed Manufacturing Enterprises

作　　者：潘艺 张金昌[2] PAN Yi;ZHANG Jinchang(Graduate School,University of Chinese Academy of Social Sciences,Beijing 102488,China;Institute of Industrial Economics,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院大学研究生院,北京102488 [2]中国社会科学院工业经济研究所,北京100006

出　　处：《华东经济管理》2023年第11期59-69,共11页East China Economic Management

基　　金：国家社会科学基金重大项目“驱动产业链供应链现代化水平提升的关键因素研究”(21ZDA023);中国社会科学院重大创新工程“中国制造业企业全要素生产率研究”(2101000100020086)。

摘　　要：文章将2011—2020年数字金融数据与同期A股和新三板制造业企业数据进行匹配,实证研究了数字金融对制造业企业全要素生产率的影响及其传导机制。研究发现:数字金融发展会显著提升制造业企业全要素生产率;机制研究表明,数字金融发展缓解了制造业企业“融资贵”的问题,利息负担水平起到了中介效应,但负债融资水平和权益融资水平没有起到中介效应;异质性分析显示,数字金融发展对提升国有、大型、非劳动密集型、东部地区制造业企业全要素生产率的作用更显著。研究结论为提升制造业企业全要素生产率提供有益参考。This paper matches the digital finance data from 2011 to 2020 with the data of A-share and New Third Board manufacturing enterprises in the same period,and empirically studies the impact of digital finance on the total factor productivity of manufacturing enterprises and its transmission mechanism.Research has found that the development of digital finance will significantly improve the total factor productivity of manufacturing enterprises.Mechanism research shows that the development of digital finance has alleviated the problem of“expensive financing”for manufacturing enterprises,and the level of interest burden has played a mediating effect,but the level of debt financing and equity financing have not played a mediating effect.Heterogeneity analysis shows that the development of digital finance has a more significant impact on enhancing the total factor productivity of state-owned,large,non labor-intensive,and eastern manufacturing enterprises.The research conclusion provides useful reference for improving the total factor productivity of manufacturing enterprises.

关 键 词：数字金融 融资水平 全要素生产率 制造业 

分 类 号：F273.1[经济管理—企业管理]