Research On The Impact Of Financial Support On Total Factor Productivity In Manufacturing

Since the beginning of the 20th century,on the one hand,China's financial industry has developed rapidly,and both the number of financial institutions and the stock of capital have shown a good upward trend.On the other hand,China's manufacturing industry has not only brought about the development of scale,but also brought about technological change and further promoted the development of our economy.This means that on the basis of the original "dry middle school",we need to strengthen the transformation and upgrading of the whole manufacturing industry with the primary technical innovation.As a foreign financing enterprise,the scale and efficiency of financial support is an important factor affecting the technological innovation of enterprises.And total factor productivity is the important index that measures enterprise technology progress.Therefore,it is of great significance to study the influence mechanism of financial support on manufacturing industry's total productivity,which is of great significance to the future industrial structure optimization and upgrading of the manufacturing industry,and also provides policy basis for the flow of financial capital.Based on the connotation of financial support and total factor productivity of manufacturing,this paper analyzes the influence mechanism of financial support on total factor productivity of manufacturing industry from the theoretical level.Second,segmentation industry of our country and analyzing the present situation and problems of manufacturing industry technological innovation activities from commercial financial support and policy financial support and capital market financial support of China's financial institutions to analyzing the present situation and problems of financial support to manufacturing.Thirdly,the data envelopment method(DEA)is used to measure the total factor productivity of China's manufacturing industry.Finally,based on the panel data of China's manufacturing industry in 2012-2015,a multivariate panel regression model was established,and the subdivision industry made a regression analysis on the total factor productivity of the manufacturing industry in China.The results show that financial support has no significant positive influence on the improvement of total factor productivity in China.Second,the financial development degree and degree of securitization in our country there is significant positive influence on manufacturing technology progress,but did not form effective cash flow,to a certain extent,inhibit the progress of the manufacturing technology.Again,financial development degree is generally promote the manufacturing enterprise of pure technical efficiency and scale efficiency,and financial efficiency significantly promote the manufacturing enterprise of pure technical progress,but the scale effect showed inhibitory effect.Finally,the degree of securitization promotes the pure technical efficiency of the manufacturing industry,but it has some inhibitory effect on its scale effect.