| At present,China’s manufacturing industry is in the stage from "made in China" to "made in China intelligently".Improving the quality of Chinese manufacturing is an important strategy for China to cope with the new normal of the economy,to accelerate industrial upgrading and develop the economy.Under the background of rising labor cost in China,the replacement of labor force by machines and equipment brought by technological progress has become an important way to accelerate the industrial upgrading of the manufacturing industry.In the process of manufacturing upgrading and transformation,the financing demand that enterprises cannot meet will hinder the transformation process of manufacturing capital replacing labor,so that enterprises cannot successfully complete the upgrading and transformation process and achieve the optimal production structure.Based on the analysis of the above facts,the research focus of this paper is to test whether financing constraints have restriction effect on capital labor input transformation of Chinese manufacturing enterprises under the circumstance of production factor cost change and the possible mechanism behind it.Based on the analysis of the theories of production factor substitution and financing constraint,this paper establishes a theoretical model of the influence of financing constraint and production factor cost on production factor,and reveals the important role of financing constraint in the influence of production factor cost on different factor inputs.Article selected 991 A-share listed manufacturing companies in 2010-2018 data as sample,considering changes in the cost of enterprise production factors,use different financing constraints measure,comprehensive study to investigate the changes in the cost and financing constraints to the enterprise production inputs,and the role of financing constraints in this step.Through analysis,it is found that with the constant change of labor cost and capital cost,enterprises will look for cheaper production methods,and then change their factor input strategy.However,when a company is faced with capital shortage due to different levels of financing constraints,it will hinder the input of production factors,making it unable to reach the optimal paradigm of neoclassical investment model.In addition,the capital cost of an enterprise,as one of the indicators reflecting the financial condition of an enterprise,will convey the signal of the enterprise in terms of corporate governance and operating capacity,etc.When the enterprise is faced with a high financing cost,the negative signal will intensify the financing constraint of the enterprise,thus strengthening the hindering effect of capital cost on capital input.The labor cost will also affect the internal cash flow of the enterprise and then affect the labor input of the enterprise.The research also finds that financing constraints not only restrict the investment of enterprises in capital or labor,but also affect the factor substitution of enterprises.The capital-labor ratio of enterprises will also be affected by financing constraints.When it is difficult for enterprises to obtain funds,the allocation of factors may be distorted,and enterprises cannot timely adjust the allocation strategy of factors.China’s state-owned enterprises and large-scale enterprises have more advantages in financing constraints than private enterprises and small-scale enterprises when making factor allocation decisions.To sum up,from the perspective of the cost change of production factors,this paper explores the mechanism of financing constraints on enterprise factor input,and comprehensively discusses the role of financing constraints in enterprise factor allocation.The research conclusion makes up for the one-way influence of factor price on enterprise factor input,provides a new basis for the distortion of enterprise factor allocation from the perspective of financing constraint,and also provides a new idea for improving the efficiency of enterprise factor allocation and promoting the transformation and upgrading of manufacturing enterprises. |
