Impact Of Asset-Light Operations On Enterprise Total Factor Productivity

With the transformation of economic development mode,the improvement of total factor productivity is not only the core of the survival and development of enterprises,but also the key to maintaining the sustained economic growth of our country.At the same time,with the advancement of the integration of "industrialization" and "informatization",the asset-light operation model closely linked to the development of "Internet +" provides specific solutions for companies to enhance their independent research and development capabilities and improve total factor productivity.In order to explore whether this plan is effective,this article starts from the theoretical basis of light asset operation: labor division theory,industrial chain theory and core competitiveness theory,and constructs the theoretical analysis framework of this article.Using the 2011-2015 China Industrial Enterprise Database and the Innovative Enterprise Database’s micro data of manufacturing enterprises,construct a fixed effect model to verify the impact of asset-light operations on the total factor productivity of enterprises,and construct an intermediary model to verify the intermediary effect of technological innovation and financing constraints.,And conduct a heterogeneity analysis.Finally,in order to ensure the reliability of the conclusions of the paper,different indicators are used to measure the key indicators for robustness testing,and the IV-GMM model is used to deal with the endogenous problem.The research results of this paper show that:(1)The proportion of heavy assets will cause a certain drag on the improvement of production efficiency of enterprises,while asset-light operations have a significant effect on improving the total factor productivity of enterprises.(2)Asset-light operations can effectively improve corporate technological innovation and reduce corporate financing constraints,thereby promoting the improvement of corporate total factor productivity.(3)In the return of different ownerships,technical levels and regions,the asset-light operation of enterprises has a more obvious effect on the improvement of total factor productivity of non-state-owned enterprises,high-tech enterprises and enterprises in the eastern and central regions.This is because the development and application of heavy assets of state-owned enterprises is reasonable,which can weaken the negative impact of heavy assets on the production efficiency of enterprises;high-tech enterprises are more capable of transforming R&D investment into productivity,and can give full play to the advantages of light asset operations.Advantages;and enterprises in the western region are greatly restricted by the external resource environment and talent level,which weakens the improvement of the total factor productivity of enterprises by asset-light operations.Based on the study of the impact of asset-light operations on the total factor productivity of enterprises,this paper further explores the path of asset-light operations that affect the total factor productivity of enterprises from the perspective of technological innovation and financing constraints,and considers The impact of asset-light operations of enterprises in different regions and their nature,technology levels and regions on total factor productivity.Expanded research on the economic consequences of asset-light operations and total factor productivity.Based on this,this article suggests that companies should choose appropriate asset-light operations based on their own conditions;the government should increase policy support,improve capital markets,and standardize market systems to provide good external conditions for corporate transformation.