Based on the panel data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2020,this paper reviews the literature and constructs A theoretical mechanism chart to empirically investigate the mechanism and specific impact of vertical structure and discriminatory credit on the total factor productivity of enterprises.It is found that both vertical structure and discriminatory credit significantly inhibit the total factor productivity of enterprises,and compared with state-owned enterprises,private enterprises have a stronger inhibition effect on the total factor productivity.Heterogeneity analysis shows that vertical struc-ture has a relatively small inhibitory effect on the total factor productivity of enterprisesin the eastern region,while discriminatory credit has a more obvious inhibitory effect on the total factor productivity of enterprises in the eastern region.The inhibitory effect of vertical structure on the total factor productivity of private enterprises shows an upward trend with the expansion of enterprise scale,and the discriminatory credit has a U-shaped inhibitory effect on the total factor productivity of enterprises of different scales.Mechanism analysis further finds that vertical structure and discriminatory credit reduce the efficiency of capital allocation and inhibit technological innovation.In the critical period of China's economic transformation,further deepen the parallel market-oriented reform of state-owned enterprises,weaken the upstream industrial administrative barriers,optimize the allocation of bank credit resources,and promote innovative research and development,including the majority of small and medium-sized private en-terprises,in order to effectively improve the total factor productivity of the industry.
Vertical structureDiscriminatory creditTotal factor productivity of enterprises
万方数据
维普
