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本文分析了民营企业金融化影响生产率的作用机制,并利用中国A股上市民营公司的数据,在采用非参数Malmquist指数方法测度民营企业生产率变动的基础上,实证检验金融化对民营企业生产率的影响效应。研究表明:现阶段民营企业金融化显著提升了生产率,金融化主要通过降低企业的融资成本、扩大企业规模等渠道,促进民营企业生产率的提升;加之目前民营企业金融化水平不高,故过度金融化所带来的反向影响机制并没有出现。另外,融资成本成为民营企业生产率提升的束缚,民营企业持有的无形资产并没有成为推动生产率提升的动力。
This paper analyzes the mechanism of private enterprise financial impact on productivity, and uses the data of private listed companies listed in China’s A-share to test the impact of financialization on the productivity of private-owned enterprises on the basis of non-parametric Malmquist index to measure the changes of private-owned enterprises’ productivity. effect. The research shows that at this stage, the financialization of private-owned enterprises significantly improves their productivity. Financialization mainly promotes the productivity of private-owned enterprises by reducing the financing costs of enterprises and expanding the scale of enterprises. In addition, the current level of financialization of private-owned enterprises is not high, The reverse impact mechanism does not appear. In addition, the cost of financing has become a constraint on the productivity gains of private-owned enterprises. The intangible assets held by private enterprises have not become the driving force for promoting productivity growth.