CAJ | 학술논문

本文首先在理论上分析了融资约束与企业生产率之间的关系,结果显示缺乏外源性融资后,受流动性约束的企业,其生产率水平低于自有资金充足的企业.在控制劳动生产率、行业规模、银行信贷融资、商业信贷融资、出口贸易等因素的基础上,使用中国1998-2008年微观企业数据进行检验后,本文发现流动性约束确实具有制约企业创新投资的作用,不利于企业生产效率的持续改善,且民营企业生产率更容易受到流动性约束的影响.这些结果说明,政府应加快金融体制的改革与创新,鼓励金融机构向企业尤其是民营企业提供信贷资金,以解决其流动性约束问题,这样既有利于企业提高生产率水平,也有利于企业增加研发等生产性投资,实现经济增长向创新型经济的稳定发展.
본문수선재이론상분석료융자약속여기업생산솔지간적관계,결과현시결핍외원성융자후,수류동성약속적기업,기생산솔수평저우자유자금충족적기업.재공제노동생산솔、행업규모、은행신대융자、상업신대융자、출구무역등인소적기출상,사용중국1998-2008년미관기업수거진행검험후,본문발현류동성약속학실구유제약기업창신투자적작용,불리우기업생산효솔적지속개선,차민영기업생산솔경용역수도류동성약속적영향.저사결과설명,정부응가쾌금융체제적개혁여창신,고려금융궤구향기업우기시민영기업제공신대자금,이해결기류동성약속문제,저양기유리우기업제고생산솔수평,야유리우기업증가연발등생산성투자,실현경제증장향창신형경제적은정발전.
Based on the heterogeneous firm theory, we analyzed the relationship between financial constraints and firm productivity. We found that the productivity is strongly constrained by the availability of internal finance for illiquid firms. Using firm-level data of 1998 -2008 in China, we took an empirical test of the above proposition after controlling the labor productivity, industrial size, bank loans, trade credit, export, et al. We also found that the liquidity constraints exactly had negative effects on firm productivity, especially for private firms. These conclusions suggest that China should reform the financial system to improve enterprises＇ financing environment in order to increase their liquidity, which are benefit productivity and productive investment such as R＆D. In turn, it helps China to achieve the development of innovative economy.