| According to the report of the 19 th CPC National Congress,"China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development".High-quality development is a requirement for China’s long-term sustainable economic growth.It emphasizes the path of reform from scientific and technological progress to raising total factor productivity,the core of which is to improve the role of total factor productivity in long-term growth.At the same time,in the context of supply-side structural reform,with a view to improving the quality of supply.At the same time with the gradual development and improvement of modern financial theory,as an important part of the capital market theory has been widely concerned.In the process of internationalization of China’s capital market,it is very important to use modern financial theory to find and optimize the financing structure of listed companies.In this paper,by reviewing literatures about the financing structure,financing structure are summarized in the advantages and disadvantages of different financing ways of the influence factors of financing structure selection,generalizes the literature of total factor productivity,the indirect influence to the enterprise financing structure and has carried on the induction,the direct impact on the literature Combined with the theories of financing structure and economic growth,the possible innovation of the paper is proposed,that is,the influence mechanism of financing structure-enterprise innovation/labor cost-total factor productivity is constructed,and the theoretical system of financing structure and total factor productivity is expanded.In addition,from the perspective of enterprise nature,this paper studies the difference of the impact of financing structure on TFP.This paper selects panel data of A-share listed companies from 2005 to 2020 to establish A two-way fixed effect model between financing structure and total factor productivity of Listed companies in China,and analyzes the direct impact of financing structure on total factor productivity of listed companies.Then,heterogeneity analysis is carried out on state-owned and non-state-owned enterprises,followed by introducing enterprise innovation and labor cost as intermediary variables for conductivity analysis.The empirical results show that :(1)endogenous financing,debt financing and equity financing all have positive effects on TFP of listed companies,but debt financing has a smaller promoting effect,while endogenous financing and equity financing have a stronger promoting effect.(2)The promotion effect of financing structure on total factor productivity of listed firms is heterogeneous by firm nature,and non-state-owned enterprises are larger than state-owned enterprises.(3)Enterprise innovation and labor cost have a mediating effect on the impact of financing structure on total factor productivity of listed firms.Based on theoretical research and empirical analysis,suggestions are put forward to optimize the financing structure and enhance the level of internal financing.Listed companies should constantly enhance the vitality of enterprise competitive power and innovation,ensure the stable growth of profitability,strengthen their own hematopoietic skills,enhance the enterprise’s own capital accumulation,actively using internal capital for innovative research and development,constantly improve their own strength,Gain initiative in market competition;Relevant departments should establish and perfect the external financing market mainly based on equity financing,improve the equity investment system,constantly improve the operation mechanism,and give play to the positive role of equity market in promoting enterprise total factor productivity.Improve the stock market,enhance the vitality of the stock market,reduce the difficulty of listing enterprises.Relevant institutions should strengthen the innovation of credit instruments and increase the input of human capital and enterprise RESEARCH and development activities. |
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