The Inimpact Of Financing Constraints On Total Factor Productivity Of Chinese Manufacturing Listed Companies

At present,China's manufacturing enterprises face financing constraints can not be ignored.Under the background of intelligent and globalized industry development,enterprises need a large number of imported technology-intensive intermediate goods to catch up with the technology,so as to prepay high upfront investment.At the same time,if manufacturing enterprises want to improve the technical complexity of export to form competitive advantage,they also need a large amount of R&D investment.According to the information disclosed by China economic net,the actual investment amount of China's metal products industry from 2005 to 2015 was 452.1 billion per year on average,among which the investment amount from domestic loans only accounted for 6.9%of the total investment amount,and the average annual capital gap was as high as 420.7 billion.How Chinese manufacturing enterprises maintain the steady growth of total factor productivity under the pressure of financing constraint is a hot issue in theory and industry in recent years.Previous studies on this kind of contradiction focused on financial elements such as working capital and government subsidies,believing that such elements can alleviate the pressure of financing constraint of enterprises to a certain extent and smooth the negative effect between the degree of financing constraint and total factor productivity to a certain extent.However,this kind of research focused on the financial perspective cannot fully explain the mechanism of impact of financing constraints on total factor productivity by enterprises relying on non-financial factors in the case of capital shortage.In fact,relying on non-financial factors to mitigate the impact on enterprise total factor productivity is more of a realistic choice to force manufacturing enterprises to "practice internal function".Therefore,based on the basic view of knowledge resources,this study holds that knowledge capital is the most important non-financial factor affecting the total factor productivity of manufacturing enterprises.Under the hedging effect of knowledge capital,the influence of financing constraint on total factor productivity of manufacturing enterprises has obvious range characteristics.Is adopted in this paper,on the basis of the above understanding of China's manufacturing industry listed companies from 2007 to 2016 data,using the method of binary Logistic financing constraint index to estimate the enterprise,and combined with the OP method measuring the total factor productivity of enterprise productivity level,using threshold panel data model,investigates the knowledge capital variables are introduced to manufacturing enterprise financing constraints,and the relationship between total factor productivity:the study conclusion shows that the financing constraints to enterprise's total factor productivity have no allow to ignore the negative influence,and dimensions of enterprise knowledge capital to this kind of negative influence of different direction and intensity threshold effect.On the one hand,each dimension of knowledge capital effectively weaken the negative influence of financing constraint on enterprise total factor productivity in different threshold intervals,while in some specific threshold intervals,a certain dimension of knowledge capital even intensifies the negative effect.Based on the empirical research results,this paper combines the optimal range and combination method of the life cycle of manufacturing industry and intellectual capital investment,expands the industry life cycle theory from the direction of financing and industrial development,and provides Suggestions for Chinese manufacturing enterprises to promote industrial development.