商业信用融资能否提高全要素生产率 ——基于企业生命周期理论的视角

Can Trade Credit Financing Improve Total Factor Productivity? -Based on the perspective of enterprise life cycle theory

摘要:

摘 要：本文选择2011-2020年中国A股上市企业面板数据，基于企业生命周期视角研究商业信用融资对全要素生产率的影响。实证结果表明：总体上看，商业信用融资对企业全要素生产率的关系呈倒U型趋势，即存在先“激励”后“挤出”的影响；从企业生命周期视角来看，成熟期只存在“激励效应”，成长期和衰退期呈倒U型关系；进一步研究发现，处在不同生命周期企业的所有制和规模差异，会导致商业信用融资对全要素生产率的关系产生显著差异。本文研究结论丰富了商业信用融资与企业全要素生产率的相关文献，对处在不同生命周期的企业合理确定融资规模，进而改善生产效率具有一定的实践意义。

Abstract:

Abstract: Based on the data of China’s A-share listed companies from 2011 to 2020 as the research sample, and studies the impact of trade credit financing on the total factor productivity of enterprises from the perspective of life cycle. The empirical results show that the relationship between trade credit financing and the total factor productivity of enterprises shows an inverted U-shaped trend, there is an impact of “incentive” and then “crowding out”; from the perspective of enterprise life cycle, the incentive impact of trade credit financing on the total factor productivity only in the mature stage companies, and the inverted U-shaped impact is concentrated in the growth stage and recession stage companies. Further research finds that differences in ownership and scale of enterprises in different life cycles will lead to significant differences in the relationship between trade credit financing and total factor productivity.The research conclusions of this paper enrich the literature on trade credit financing and enterprise total factor productivity, and have certain practical significance for enterprises in different life cycles to reasonably determine the scale of financing and improve production efficiency.