Overweight of Credit,Enterprise Digital Transformation,and Enterprise Total Factor Productivity
Based on the institutional background of a high proportion of credit,this paper employs a sample of A-share non-financial Shanghai-listed and Shenzhen-listed companies for the period 2012 to 2022 to explore the impact of the overweighting of credit on firms'total factor productivity,the mechanism for this effect,and the role digital transformation in the process.The results show that the overweighting of credit financing will inhibit improvements in total factor productivity by reducing capital allocation efficiency and technological innovation;the higher the degree of overweighting,the stronger the inhibitory effect on enterprise total factor productivity;this effect can be effectively alleviated through digital transformation.Specifically,enterprises'digital transformation improves the efficiency of the mechanism by which capital is allocated with the overweighting of credit financing.However,the digital transformation of enterprises has not significantly improved the technological innovation efficiency with the excess credit financing.The heterogeneity analysis shows that the inhibitory effect of excess credit financing on total factor productivity is strongest for private enterprises,those in areas with a low degree of financial sector marketization,and technology-intensive industries.The conclusions are significant for improving the financing structure of Chinese enterprises,improving capital allocation efficiency,promoting innovation,and promoting China's economic growth momentum.
overweight of credit financingdigital transformationtotal factor productivity of enterprises
万方数据
维普
