| The report of the 19 th National Congress of the Communist Party of China points out that China's economy has entered the stage of high-quality development.The stage of high-quality development needs to rely on the improvement of technological development and factor utilization efficiency.Total Factor Productivity is a complex of input-output efficiency of labor,capital,technology,organization,and management,which is now regarded as the core of high-quality development.With the rapid improvement of the profit rate of the financial industry and real estate industry,the level of market liquidity has increased sharply in a short period.A large number of funds have poured into the virtual economy fields such as finance and real estate,which are separated from the substantial economy and idled in the virtual system.The phenomenon of economic financialization is prominent.As an important manifestation of economic financialization,the entity enterprise financialization has received a lot of attention.The financial behavior based on the prevention of reserve motivation is conducive to easing the financing constraints faced by the entity enterprises,improving the efficiency of capital use,and improving the allocation of resources.However,based on the speculative arbitrage motivation,excessive allocation of financial assets will crowd out the R&D innovation of the entity enterprises,the upgrading,and transformation of the industrial structure investment,resulting in resource mismatch and damaging the total factor productivity.This paper discusses whether the allocation of financial assets is conducive to the improvement of the comprehensive output efficiency of enterprises,and studies the impact of Enterprise Finance on TFP.In addition,considering that the financial behavior and resource allocation efficiency of enterprises at the micro-level will be affected by the macroeconomic environment and policies,this paper puts the financial ecological environment into the analysis framework and analyzes the impact of financial ecological environment on the relationship between enterprise finance and TFP.Based on the financial data of the listed non-financial and no real estate enterprises in Shanghai and Shenzhen from 2009 to 2018,this paper constructs indicators of microenterprise financialization and total factor productivity,studies the relationship between financialization of enterprises and productivity,and examines the regulatory effect of the financial ecological environment on the relationship between them.The empirical results show that the financial behavior of real enterprises has a significant negative impact on TFP.After the introduction of the financial ecological environment,it is found that in a good financial ecological environment,the negative effect of financial on TFP has been significantly weakened.The financial ecological environment is divided into four dimensions.In-depth study,the government's moderate intervention,good The high level of economic foundation,financial development,and the improvement of system and credit culture is conducive to reducing the damage of financial asset allocation to TFP.Further test the impact of enterprise heterogeneity on the relationship among financialization,financial ecological environment,and TFP.Group the enterprises according to the intensity,scale,and property right nature of financing constraints.The study found that enterprise financialization is more harmful to TFP in enterprises with high financing constraint intensity,large-scale enterprises,and non-state-owned enterprises.The positive regulatory effect of the environment on financing and TFP is more obvious in enterprises with low financing constraint intensity,small-scale enterprises,and non-state-owned enterprises.This article enriches the theoretical research at the micro-enterprise level of economic financialization and total factor productivity,and provides theoretical support for the government to guide capital to return to its main business and financial supplyside reform. |
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