摘要
使用2005-2007年的中国工业企业数据,基于改进的LP方法,首先分行业估计了企业的全要素生产率,然后利用广义倾向评分匹配法(GPSM)分析了国有企业、非国有企业(尤其是民营企业)面临的内源及外源融资约束对企业全要素生产率的影响。结果发现,内源融资约束的下降对不同性质企业的全要素生产率都存在着明显的促进作用;同时,外源性融资约束的下降对非国有企业(民营企业)的全要素生产率也具有明显的促进作用,然而,对于大部分国有企业而言,外源融资约束的下降对其全要素生产率并没有明显的促进作用。
Based on the improved LP method, this paper makes use of the data of China＇s industrial enterprises from 2005 to 2007 to estimate the total factor productivity（TFP） of the enterprises in different industries. Then, it applies the generalized propensity score matching method（GPSM） to analyze the effect of the financing constraints from both internal and external sources on TFP, which is faced by state-owned enterprises, non state-owned enterprises and especially private enterprises. The result shows that to reduce the financing constraints from internal sources can significantly promote TFP in the enterprises of different natures; meanwhile, to reduce the financing constraints from external sources can also significantly promote the TFP in the non state-owned enterprises and private enterprises. However, as for most state-owned enterprises, to reduce financing constraints from external sources cannot obviously promote their TFP.
出处
《江西财经大学学报》
CSSCI
北大核心
2015年第2期20-31,共12页
Journal of Jiangxi University of Finance and Economics
基金
国家社会科学基金青年项目"家族企业传承的动因与经济后果研究"(12CGL032)
关键词
融资约束
全要素生产率
广义倾向评分匹配法
financing constraints
total factor productivity
the generalized propensity score matching method
