融资约束视角下的运营资本对中国企业全要素生产率的贡献*

金融危机后中国经济增长缓慢，产业和总需求分析框架失灵。本文从供给侧动力和非正规金融入手，研究中国企业全要素生产率与运营资本的关系。本文利用1999—2013年非上市企业的动态面板数据，采用系统GMM的方法进行回归分析，研究发现运营资本对中国企业的全要素生产率有显著的影响，而且这种影响是非线性的。但是，这种关系只在民营企业和外资企业中成立，对国有企业并不成立。本文进一步引入融资约束机制，论证了运营资本是中国非国有企业突破融资困境、促进企业全要素生产率提高的重要金融中介。  

CHINESE FIRMS WORKING CAPITAL AND TFP UNDER FINANCIAL CONSTRAINTS

Financial factors have been found highly important in influencing firms real activities and in promoting aggregate growth. Yet, the linkage between finance and firm level total factor productivity (TFP) has been overlooked in the literature. We fill this gap using non listed Chinese firms over the period 1999—2013 to estimate a TFP model augmented with working capital. We find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly financial constrained private and foreign firms are more sensitive to working capital.