Financial Constraints’ Impact on Total Factor Productivity (TFP) ——Based on the Data of Chinese Industrial Enterprise
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Abstract Using the Chinese industrial enterprises database from 1998 to 2007,this paper studies the relationship between financial constraints and TFP from micro-perspective of export.Results show that:(1) Under the condition of incomplete markets,financial constraints have a significant negative impact on TFP.(2) Relative to non-exporting enterprises,the negative impact on export enterprises is more obvious and prominent.(3) In the non-state-owned enterprises,financial constraints significantly reduced the TFP,but this impact is not significant in the State-owned enterprises and foreign-funded enterprises.
DIAO Chun-Meng,WEN Lei,DIAO Meng-Chu. Financial Constraints’ Impact on Total Factor Productivity (TFP) ——Based on the Data of Chinese Industrial Enterprise. Economic Survey, 2015, 32(3): 066.
2015, Vol. 32 
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