产融结合能否提升企业全要素生产率?  

Can the Integration of Production and Finance Enhance the Total Fac⁃tor Productivity of Enterprises?

作　　者：王澎涵 Wang Penghan(School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,Shanxi,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《金融发展研究》2024年第4期44-54,共11页Journal Of Financial Development Research

基　　金：教育部人文社会科学研究青年项目“银行数字化转型影响全要素生产率的效应、机制及治理对策研究”(22YJC790024);山西省哲学社会科学规划课题“山西省制造业企业高质量发展的资本配置影响效应研究”(2022YY086)。

摘　　要：以我国2007—2022年沪深A股上市企业为研究样本,考察产融结合对企业全要素生产率的影响、内在机制与异质性。研究发现,产融结合对企业全要素生产率具有显著的正向效应,考虑到产融结合特征及我国金融供给结构与需求结构不匹配,存在“产融结合—长期融资缺口—企业创新—全要素生产率”的链式中介传导机制;产融结合对于企业全要素生产率的积极作用在资产可逆性差、外部融资依赖度较高、所有制属性为非国有的企业中更为显著;进一步研究发现,产融结合能够有效降低企业融资约束,对于缓解企业长期融资约束的效应更强。Taking China's A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2022 as the research sample,we examine the impact,internal mechanism and heterogeneity of the combination of production and finance on the total factor productivity of enterprises.It is found that the combination of production and financing has a signifi-cant positive effect on the total factor productivity of enterprises,and considering the characteristics of the combination of production and financing and the mismatch between China's financial supply structure and demand structure,there exists a chain intermediary transmission mechanism of"combination of production and financing-long-term financing gap-enterprise innovation-total factor productivity".The positive effect of the combination of production and financing on the total factor productivity of enterprises is more significant in enterprises with poor asset reversibility,higher de-pendence on external financing,and non-state ownership attributes;further research finds that the combination of pro-duction and financing is able to effectively reduce the financing constraints of enterprises,and the effect of the combi-nation of production and financing on alleviating the long-term financing constraints of enterprises is even stronger.

关 键 词：产融结合 全要素生产率 长期融资缺口 企业创新 融资约束 

分 类 号：F830[经济管理—金融学]