摘要
使用2001—2007年中国工业企业数据库,研究企业融资能力与企业生产率之间的关系,在考虑了企业的异质性后发现:企业外源融资能力对企业生产率的影响是正向的,尤其对私营企业生产率的影响更加显著;与国有出口企业相比,私营出口企业生产率对外源融资能力的依赖性更强,其中低流动性企业对外源融资能力依赖性高于高流动性企业;外资的进入可以缓解企业面临的融资约束进而提升企业生产率,企业融资能力通过保证研发活动的顺利实施促进企业生产率提高。
This paper uses Chinese industrial enterprises database in 2001--2007 to study the relationship between enterprise financing capability and enterprise productivity. After considering the heterogeneity of enterprises, it＇ s found that enterprise external financing ability has a positive impact on enterprise productivity, especially on private enterprises greater and more significant; compared with state-owned export enterprises, the dependency of private export enterprise productivity on external financing capacity is much significant, and the dependency of low liquidity enterprise productivity on external financing capacity is greater than that of high liquidity enterprise; the entry of foreign capital can ease the financing constraints faced by enterprises and improve enterprise productivity, and external financing capacity can promote enterprise productivity through guaranteeing the implementation of R＆D activities.
出处
《征信》
2016年第4期59-69,共11页
Credit Reference
基金
国家社科基金重点项目(13AGJ007)
国家社科基金重大招标项目(13&ZD053)
关键词
企业融资能力
生产率
研发
出口
流动性
enterprise financing capability
productivity
R＆D
export
liquidity
