Accounts Receivable Financing,Structural Mismatches,and Firm Total Factor Productivity
Providing better financial services for the high-quality development of the real economy is an important issue and fundamental mission for building a strong financial country.Supply chain finance,as an important financing mode of combining production and financing,is regarded as an important way to promote financial de-virtualization and solve the financing problems of small and medium-sized enterprises(SMEs).This paper focuses on the accounts receivable financing model and systematically examines the impact of accounts receivable financing on the total factor productivity of enterprises.The study finds that accounts receivable financing significantly increased the total factor pro-ductivity of enterprises.The mechanism analysis shows that accounts receivable financing can increase total factor pro-ductivity by optimizing external credit allocation and internal resource allocation.In particular,accounts receivable fi-nancing is effective in improving total factor productivity in a sample of private enterprises,small and medium-sized enterprises(SMEs),manufacturing firms,and growth stage firms,demonstrating a strong"mismatch correction"function.It is further found that the contribution of accounts receivable financing to total factor productivity is more sig-nificant as the level of regional fintech increases.In addition,accounts receivable financing can enhance the level of green technological innovation of enterprises and promote their green low-carbon transformation and sustainable devel-opment.The findings of the study provide valuable empirical evidence and policy insights for the high-quality develop-ment of enterprises and the construction of a financial powerhouse.
万方数据
维普
