The Impact Of Financing Constraints On The Total Factor Productivity Of Enterprises

With the “Reform of the supply front”carried out in full swing,total factor productivity has once again become the focus of many scholars.The core of the “Reform of the supply front” is to improve total factor productivity.Financing constraints can bring about the extent of the output efficiency of the loss,which has always been an important issue to explore the academic community.Based on the economic theory,this paper studies the relationship between financing constraints and the total factor productivity of enterprises based on the relationship between financing constraints and the total factor productivity of enterprises.Firstly,this article has combed the relevant literature and theory at home and abroad.Secondly,according to the theoretical model,the spatial effect of the total factor productivity is investigated.Then the spatial correlation is tested and the spatial weight matrix is set by the economic distance method.In this paper,Malmquist index is used to estimate the total factor productivity of 30 provinces and cities in China from 2002 to 2014.The empirical part of the article,it is first through the construction of financing constraints index,and then with the more advanced spatial measurement methods carried out.Finally,based on the two perspectives of enterprises and governments,this paper puts forward some suggestions to promote the improvement of total factor productivity of Chinese enterprises.The results show that:(1)The total factor productivity of provinces and cities in China shows obvious spatial clustering characteristics.(2)The effect of total import and export trade on the growth of total factor productivity is not significant,and the role of the total import and export trade is not significant,and the role of the total import and export trade is not significant.There is still a certain substitution effect between financing and restraint,that is,when the total import and export trade reaches a certain degree,it has the same degree of restriction on the total factor productivity of the enterprise.(3)The financing constraint can significantly inhibit the enterprise Total factor productivity growth.When the firm is facing greater financing constraints,the greater the difficulty of improving total factor productivity.