统计研究

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流动性约束对企业生产率的影响

项松林 魏浩   

  • 出版日期:2014-03-15 发布日期:2014-03-10

The Effect of Liquidity Constraints on Firm Productivity in China

Songlin Xiang & Hao Wei   

  • Online:2014-03-15 Published:2014-03-10

摘要: 本文首先在理论上分析融资约束与企业生产率之间的关系,结论显示缺乏外源性融资后,受流动性约束的企业,其生产率水平低于自有资金充足的企业。在控制劳动生产率、行业规模、银行信贷融资、商业信贷融资、出口贸易等因素基础上,使用中国1998-2008年微观企业数据进行检验后,本文发现流动性约束确实具有制约企业创新投资的作用,不利于企业生产效率的持续改善,且民营企业生产率更容易受到流动性约束的影响。这些结论说明,政府应加快金融体制的改革与创新,鼓励金融机构向企业尤其是民营企业提供信贷资金,以解决它们的流动性约束问题,既有利于提高企业的生产率水平,也有利于企业增加研发等生产性投资,实现经济增长向创新型经济的稳定发展。

关键词: 流动性约束, 企业生产率, 现金流, 民营企业

Abstract: Based on the heterogeneous firm theory, we analyzed the relationship between financial constraints and firm productivity. We found that the productivity is strongly constrained by the availability of internal finance for illiquid firms. Using firm-level data of 1998-2008 in China, we took an empirical test of the above proposition after controlling the labor productivity, industrial size, bank loans, trade credit, export, et al. We also found that the liquidity constraints exactly had negative effects on firm productivity, especially for private firms. These conclusions suggest that China should reform the financial system to improve enterprises’ financing environment in order to increase their liquidity, which are benefit productivity and productive investment such as R&D. In turn, it helps China to achieve the development of innovative economy.

Key words: Liquidity Constraints, Firm Productivity, Cash Flow, Private Firm