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从金融服务的视角,利用2000-2015年我国所有沪深两市上市交易的A股制造业企业构成的平衡面板和非平衡面板数据,实证检验融资约束对企业产品供给技术效率的影响,发现融资约束显著抑制了我国制造业上市企业的技术效率提升,并且在引入股权集中度、机构持股、企业性质、2008年金融危机、2015年冲击等控制变量后仍然成立。此外,我们在改进后的投资-现金流模型框架,对融资约束程度进行了重新量化,并进而进行了重新估计,估计结果仍然稳健。本文认为,通过金融服务提供来降低企业融资成本以提高制造企业技术效率,成为了推动制造业转型升级的重要途径之一。
From the perspective of financial services, using the balance panel and unbalanced panel data of A-share manufacturing enterprises listed and traded in all the stock markets in Shanghai and Shenzhen from 2000 to 2015, this paper empirically tests the impact of financing constraints on the technical efficiency of enterprise product supply and finds that financing Constraints significantly inhibit the technological efficiency of China’s manufacturing listed companies to enhance, and the introduction of equity concentration, institutional ownership, the nature of the enterprise, the 2008 financial crisis, the impact of the 2015 control variables still set up. In addition, based on the improved investment-cash flow model framework, we re-quantified the degree of financial constraints and further re-estimated the results. The estimation result is still robust. This paper argues that reducing the financing cost of enterprises through providing financial services to improve the technical efficiency of manufacturing enterprises has become one of the important ways to promote the transformation and upgrading of manufacturing industry.