Research On The Impact Of Financing Constraints On Total Factor Productivity Of China's Listed Companies

After the global financial crisis in 2008,China's economic growth rate dropped from 14% in 2008 to 6.6% in 2018,and the economic growth rate slowed down.China's economy has entered a new normal,"supply-side" reforms are in full swing,and industries are facing upgrades,all of which are inseparable from the increase in total factor productivity.Although the literature has researched TFP based on the macro level,there is still a lack of systematic research on the micro level.The total factor productivity of enterprises is affected by various aspects.As an external influence factor that most enterprises will face,financing constraints will directly lead to the expansion of corporate financing costs,limited financing channels,and changes in corporate capital structure.The extent to which financial constraints will cause enterprises to lose output efficiency is always an important topic for discussion in academia.First,this article reviews the existing literature and finds that most of the literature on total factor productivity studies economic development based on the macro level,and mostly explores based on the total factor productivity of the manufacturing industry.This paper uses the latest ACF method to measure the total factor productivity of micro-enterprises,and solves the endogenous problems of the LP and OP methods used in previous studies.In addition,most of the literatures have researched from the perspective of financing constraints on corporate innovation investment,and it is rare to directly study the impact of financing constraints on total factor productivity.In particular,the dynamic capital structure of enterprises has been widely studied,but less literature has in-depth research on how different ways of external financing will affect the total factor productivity of enterprises under different financing constraints.At the same time,the total factor productivity of an enterprise is related to factors such as the industry in which the enterprise is located and the nature of the enterprise.The existing literature mainly focuses on the group's asset size and the nature of the company,and explores its impact on the total factor productivity of the company.However,it does not discuss the factors that affect the total factor productivity when the company is subject to different financing constraints.Secondly,this article takes Chinese listed companies from 2009 to 2018 as a sample,measures the total factor productivity of enterprises based on the ACF method,and then constructs a KZ index to measure the financing constraints of enterprises,and according to the strength of financing constraints,different industries,and different characteristics The company divides the sample companies and uses the mean comparison analysis to test whether the relevant influencing factors of each group are different from the total factor productivity.Finally,according to the empirical results of this article,the following conclusions are obtained:(1)Financing constraints have a reverse effect on the total factor productivity of listed companies in China,that is,the stronger the financing constraints,the lower the total factor productivity of the enterprise.Based on the analysis of the comparison results of group means,it is found that the impact of financing constraints on companies with different industries and different properties has different effects on total factor productivity.(2)When enterprises are subject to different financing constraints,the impact of external financing methods on total factor productivity is significantly different.Enterprises with strong financing constraints have a positive effect on the total factor productivity of mobile debt financing enterprises,and non-current debt financing and equity financing have a negative effect on the total factor productivity of enterprises;those with weak financing constraints,current debt financing and non-Liquid debt financing has a negative effect on total factor productivity,and equity financing has a positive effect on total factor productivity.(3)When subject to different financing constraints,there are significant differences in the factors affecting the TFP of different types of enterprises.The restraint effect of financing constraints on the total factor productivity of non-state-owned enterprises is greater than that of state-owned enterprises.For enterprises with strong financing constraints,whether or not they are state-owned,mobile debt financing has a significant positive effect on total factor productivity,and non-current debt financing has a significant negative effect on total factor productivity.Equity financing of state-owned enterprises that are strongly constrained by financing has a positive effect on total factor productivity,while non-state-owned enterprises have the opposite effect.For enterprises with weak financing constraints,whether or not they are state-owned,equity financing has a significant positive effect on total factor productivity,and current debt financing and non-current debt financing have a suppressive effect on total factor productivity.(4)When subject to different financing constraints,there are significant differences in the factors affecting the TFP of enterprises in different industries.Financing constraints in the power and other industries have no significant impact on total factor productivity;financing constraints in the mining and other industries have a positive effect on total factor productivity;financing constraints in the manufacturing industry have a negative effect on total factor productivity.Source financing methods have different effects on total factor productivity.The innovations of this paper are:(1)Research methods: This paper uses the ACF method to measure total factor productivity,which will avoid the endogenous problems caused by the OP method and LP method widely used by scholars,and can make the estimation more accurate;and Based on the original study of a single industry,such as manufacturing,taking China's listed companies as samples,relevant theoretical research can be expanded.(2)From the perspective of research: A few scholars explore the relationship between TFP and corporate total factor productivity from the perspective of financing constraints,while from the perspective of external financing,research on the impact of financing constraints on TFP is even rarer.This paper combs the relevant literature and theories of financing constraints on corporate productivity,and combines different external financing methods to empirically test the impact of financing constraints on corporate total factor productivity.(3)Variable selection: In the past,scholars generally directly measured the constraints of internal financing and external financing of enterprises through a single indicator,and studied their impact on the total factor productivity of enterprises.However,few scholars have comprehensively explored the impact of financing constraints on total factor productivity based on different methods of external financing.This article divides external financing methods into current debt financing,non-current debt financing and equity financing,and explores the impact mechanism of external financing methods on total factor productivity when companies are subject to different financing constraints.