融资约束对企业生产率的影响——基于系统GMM方法的国企与民企差异检验

被引:117
作者
何光辉 [1 ]
杨咸月 [2 ]
机构
[1] 复旦大学经济学院
[2] 上海社会科学院部门经济研究所
关键词
融资约束; 生产率; 国有企业; 民营企业;
D O I
10.13653/j.cnki.jqte.2012.05.009
中图分类号
F224 [经济数学方法]; F276.1 [国有企业经济]; F276.5 [私营企业];
学科分类号
0701 ; 070104 ;
摘要
本文基于2003~2009年中国制造业上市公司面板数据,运用附加融资约束变量的增广生产函数和系统广义矩估计方法,研究国企和民企资金可获得性在影响生产率方面的差异。结果发现,上市公司生产率从总体上看不受制于内源融资,但按所有制分类后,只有民企存在融资约束并显著影响生产率,生产率高的民企通常拥有丰裕的内源资金;进一步按流动性与负债状况分类后仍不改变结论,而且流动性差、负债率高的民企所受约束更加严重。
引用
收藏
页码:19 / 35
页数:17
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