Research On The Relationship Between Financial Development And Productivity From The Perspective Of The Enterprise

With the development of financial factors in economic operation,especially in the penetration of enterprise investment and operation,the relationship between the operation of financial system and the change in enterprise productivity has been increasingly strengthened.The existing research on the relationship between financial operation and productivity mainly focuses on how financial development affects productivity,and discusses how financial development can be applied to productivity based on different research emphasis.It is true that these studies greatly show the mechanism of financial development on productivity.But these studies don't pay much attention to how the financial development affects enterprise productivity,they focus on the macro problems.The paper tries to investigate the relationship between financial development and enterprise productivity,and shows the mechanism.At last,the paper roughly builds analysis framework from the perspective of the enterprise.The paper studies the relationship between financial development and enterprise productivity from three aspects.They are enterprise technical progress,enterprise productivity distribution and the aggregate productivity of the enterprise.The paper builds the theory models on the basis of endogenous growth theory and heterogeneity trade theory.Some financial factors are introduced into the models when the crux of problems are investigated.The paper makes great efforts to combine the macro financial factors and micro enterprise factors.Positive analysis is used to investigate three problems.They are the effect of financial development on the enterprise technical progress,the function of financial development on the enterprise productivity distribution and the aggregate productivity of the enterprise by entry and exit.The article is organized as follows:The article is composed of seven chapters.Chapter 1 introduces the main research background,the value of this research,the key concepts,the research contents,the research methods and the innovations.In Chapter 2,it is the literature review.It gives a brief review on theory of financial development on the productivity.And the paper reviews the most related literatures about how financial development affects enterprise productivity.In Chapter 3,the paper quantifies the relationship between the Chinese financial development and enterprise productivity.Firstly,the estimating methods of financial development and enterprise productivity are introduced.Then,based on the China' economic data,financial development and enterprise productivity are estimated.Lastly,the paper analyses the results.It is the core contents of the article from Chapter 4 to Chapter 6.In Chapter 4,the paper studies the effect of financial development on the enterprise productivity from the perspective of enterprise technical progress.The paper builds the model to illustrate how the financial development improves the level of the enterprise technology.Based on the data of the manufacturing enterprise in the China Industrial Enterprise Database,this paper studies how financial development affects China's enterprise technology via R&D.In Chapter 5,the paper studies the effect of financial development on enterprise productivity distribution.The paper builds the model to illustrate the mechanism of how financial development affect enterprise productivity distribution,proves the mechanism by the stylized facts.In Chapter 6,the paper investigates the effect of financial development on the aggregate productivity of the enterprise from the perspective of the enterprise's entry and exit.The paper investigates how financial development improves the aggregate productivity of the enterprise via enterprise's entry and exit.At last,based on the data of the manufacturing enterprise in the China Industrial Enterprise Database,this paper proves the effect.The paper provides concluding comments and further theory study in the closing Chapter 7.Based on theoretical and empirical analysis,there are several valuable conclusions as follows.1.Financial development has a significant effect on promoting the enterprise technological progress.It is a fact that can be proved by theoretical and empirical research.This analysis conclusion claims that:Compared to financial scale,financial efficiency has more significant effect to promote the enterprise technological progress;the effect of financial development shows that we should pay attention to the firm R&D;financial development affects enterprise productivity through the R&D.This result is suitable for all forms of ownership.In other word,financial scale and financial efficiency improve the enterprise technological progress from all directional aspects.2.Theoretical analysis claims that financial development reduces the productivity difference among enterprises and empirical analysis also shows that financial scale and financial efficiency have different effect on the enterprise productivity distribution.Regression analysis of overall enterprises nationwide finds that estimated coefficient of financial scale is positive but not significant,it illustrates that financial scale doesn't significantly promotes the productivity difference among enterprises.Regression analysis of overall enterprises nationwide also finds that estimated coefficient of financial efficiency is negative and significant,it illustrates that financial efficiency significantly reduces the productivity difference among enterprises,which is suitable for the equalization of enterprise productivity.The same results of financial scale and financial efficiency are obtained by the regression analysis of the specific industries.3.Financial development affects the aggregate productivity of the enterprise via entry and exit.The result shows that both financial scale and financial efficiency have this effect The effect proves that resource allocation affects the aggregate productivity in the macro level and the enterprise productivity in the micro level.The research pays close attention to the difference between labor intensive industry and capital intensive industry.Both industries are affected by financial scale and financial efficiency.One of the analysis conclusions is that financial development has more significant effect on labour intensive industry.The government should pay attention to this result when they design policy.The article studies the relationship between financial development and productivity from the perspective of enterprise.We investigate how financial scale and financial efficiency affect the enterprise productivity from the micro perspective.The paper focuses on the enterprise's entry,enterprise's exit and R&D.The roles of the interaction of macro and micro financial factors and micro deeper factors on the enterprise productivity are likely to have many problems that have not yet been addressed,which will be deepened and broadened by future research.