科技型中小企业信用融资对企业全要素生产率的影响研究

Research on the Impact of Credit Financing of Technology-Based Small and Medium-Sized Enterprises on the Total Factor Productivity of Enterprises

摘要: 金融市场是经济发展的基础，其成熟度是决定经济发展水平的重要因素，而我国金融市场和金融体系存在多层次、结构性问题，面临发展不均衡、不充分等困境。基于2012~2022年我国科技型中小企业数据，采用系统GMM法检验信用融资对企业全要素生产率的作用机制。结果表明：科技型企业信用融资与企业全要素生产率呈现正向关系，即信用融资增加，企业全要素生产率提高；融资约束在信用融资和企业全要素生产率之间存在部分中介作用；成熟期企业信用融资能够提高企业全要素生产率。结论的政策启示在于：考虑科技型中小企业的发展特点，采用针对性措施提高全要素生产率，同时减少“规模歧视”和“所有制歧视”，监管部门完善市场信息披露机制。

Abstract: The financial market is the foundation of economic development, and its maturity is an important factor in determining the level of economic development, while China’s financial market and financial system have multi-level and structural problems, and face the dilemma of uneven and insufficient development. Based on the data of China’s technology-based small and medium-sized enterprises from 2012 to 2022, the systematic GMM method is used to test the mechanism of credit financing on the total factor productivity of enterprises. The results show that there is a positive relationship between the credit financing of science and technology enterprises and the total factor productivity of enterprises, that is, the increase of credit financing increases the total factor productivity of enterprises. Financing constraints play a partial mediating role between credit financing and firm total factor productivity. Credit financing for enterprises in the mature stage can improve the total factor productivity of enterprises. The policy implications of the conclusion are as follows: considering the development characteristics of technology-based small and medium-sized enterprises, taking targeted measures to improve total factor productivity, while reducing “scale discrimination” and “ownership discrimination”, and improving the market information disclosure mechanism by the regulatory authorities.