契约执行效率、融资成本与TFP增长率——来自中国制造业企业的证据
发布时间：2019-01-06 19:11
【摘要】：本文将企业和金融部门之间的不完全契约引入增长模型,分析契约执行效率通过融资成本渠道对企业TFP增长率的影响机制,并使用1998—2007年中国制造业企业的微观数据对理论结果进行了实证检验,并得到如下结论:第一,较高的契约执行效率会通过融资成本渠道提高企业TFP增长率,且该效应随企业资本依赖度和融资依赖度的上升而更为明显;第二,分地区看,由于边际效应递减,契约执行效率对中部地区企业的影响比东西部地区更明显;第三,分行业看,契约执行效率对资本密集型企业TFP增长率的促进作用高于劳动密集型和技术密集型企业;第四,分所有制看,私营企业从契约执行效率的改善中受益最大,而外资企业受益较小。
[Abstract]:In this paper, the incomplete contract between the enterprise and the financial sector is introduced into the growth model, and the mechanism of the effect of the contract execution efficiency on the TFP growth rate through the financing cost channel is analyzed. Using the microcosmic data of Chinese manufacturing enterprises from 1998 to 2007, this paper empirically tests the theoretical results and draws the following conclusions: first, higher contract execution efficiency will increase the TFP growth rate of enterprises through financing cost channels. And the effect is more obvious with the increase of capital dependence and financing dependence. Secondly, as the marginal effect decreases, the effect of contract execution efficiency on the enterprises in the central region is more obvious than that in the eastern and western regions. Thirdly, by industry, the efficiency of contract execution promotes the TFP growth rate of capital-intensive enterprises more than that of labor-intensive and technology-intensive enterprises. Fourth, from the point of view of ownership, private enterprises benefit most from the improvement of contract execution efficiency, while foreign enterprises benefit less.
【作者单位】： 南开大学经济学院;
【基金】：中国特色社会主义经济建设协同创新中心一般项目“产业结构升级、经济波动平稳化和经济风险问题研究”的资助
【分类号】：F406.7;F424
本文编号：2403210
[Abstract]:In this paper, the incomplete contract between the enterprise and the financial sector is introduced into the growth model, and the mechanism of the effect of the contract execution efficiency on the TFP growth rate through the financing cost channel is analyzed. Using the microcosmic data of Chinese manufacturing enterprises from 1998 to 2007, this paper empirically tests the theoretical results and draws the following conclusions: first, higher contract execution efficiency will increase the TFP growth rate of enterprises through financing cost channels. And the effect is more obvious with the increase of capital dependence and financing dependence. Secondly, as the marginal effect decreases, the effect of contract execution efficiency on the enterprises in the central region is more obvious than that in the eastern and western regions. Thirdly, by industry, the efficiency of contract execution promotes the TFP growth rate of capital-intensive enterprises more than that of labor-intensive and technology-intensive enterprises. Fourth, from the point of view of ownership, private enterprises benefit most from the improvement of contract execution efficiency, while foreign enterprises benefit less.
【作者单位】： 南开大学经济学院;
【基金】：中国特色社会主义经济建设协同创新中心一般项目“产业结构升级、经济波动平稳化和经济风险问题研究”的资助
【分类号】：F406.7;F424
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