Research On The Impact Of Uncertainty And Financing Constraints On Firm Productivity

Under the current situation of increasing competition,relatively more uncertain factors,and serious financing constraints,the relationship between uncertainty,financing constraints,and production efficiency has gradually become the focus of many scholars’ attention and research.Based on the data of A-share non-financial listed companies from 1998 to 2016,this paper uses the regression method of “fixed effects + robust standard deviation” to study the relationship between uncertainty,financing constraints,and production efficiency.The study found:First,uncertainty and financing constraints are all important influencing factors for the production efficiency of enterprises.At the present stage,the phenomena of "holding money and watching" and managers "overcoming organizational inertia" exist at the same time.On the one hand,the uncertainty in the current period will significantly reduce the current production efficiency of the company.This paper uses the “wait and see” phenomenon to explain the negative impact of current uncertainty on the current production efficiency;On the other hand,in the long run,managers will actively overcome organizational inertia.The positive actions have a positive impact on the production efficiency of the company.The empirical results show that the negative impact of the uncertainty of the first-phase delay on the production efficiency of the company is less than that of the current period,which confirms the existence of "holding money and watching" phenomena and managers "overcoming organizational inertia" phenomena at the same time.Both have the opposite effect on the production efficiency of the company.So,in the long term,if appropriate incentive mechanisms are established between managers and owners,uncertainty will encourage business managers to overcome organizational inertia,play innovative compensation,and play the first mover advantage of fast fish eating slow fish and ultimately reduces the negative effect of uncertainty on the production efficiency of the company.Second,the effect of financing constraints on the production efficiency of enterprises is inverted U-shaped,indicating that as the financing constraints continue to increase,the positive effect of “the improvement of the production efficiency of enterprises due to the increase in fund allocation efficiency” will not be able to compensate the negative effect of the company’s production efficiency."Third,financing constraints will amplify the negative impact on the company’s production efficiency by aggravating the company’s current uncertainty,and as the degree of corporate financing constraints increases,the impact of uncertainty on the company’s production efficiency will become more severe.When the financing constraints are serious,the negative impact of the uncertainty of the first-phase delay on the production efficiency of the company will no longer be reduced compared with the uncertainty of the current period,and will only bring about a reduction in the production efficiency;In an environment where financing constraints are extremely severe,only relying on the screening of projects and the subjective efforts of management can’t make up for the drastic reduction in production efficiency caused by the extremely insufficient R&D investment;In financing constraints in the process of gradually rise,the influence of knowledge on enterprise productivity is increasing.Enterprise talent introduction strategy is more important under the background of financing constraints,and it can help enterprises to enhance the efficiency of production.