Can the Integration of Production and Finance Enhance the Total Fac-tor Productivity of Enterprises?
Taking China's A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2022 as the research sample,we examine the impact,internal mechanism and heterogeneity of the combination of production and finance on the total factor productivity of enterprises.It is found that the combination of production and financing has a signifi-cant positive effect on the total factor productivity of enterprises,and considering the characteristics of the combination of production and financing and the mismatch between China's financial supply structure and demand structure,there exists a chain intermediary transmission mechanism of"combination of production and financing-long-term financing gap-enterprise innovation-total factor productivity".The positive effect of the combination of production and financing on the total factor productivity of enterprises is more significant in enterprises with poor asset reversibility,higher de-pendence on external financing,and non-state ownership attributes;further research finds that the combination of pro-duction and financing is able to effectively reduce the financing constraints of enterprises,and the effect of the combi-nation of production and financing on alleviating the long-term financing constraints of enterprises is even stronger.
integration of industry and financetotal factor productivitylong-term financing gapenterprise innovationfinancing constraints
NETL
NSTL
万方数据
维普
