融资与企业生产率

——基于外资银行准入规定的实证研究

【摘要】

国外已有大量文献探究了融资与企业生产率的关系，但至今没有一致的结论。国内相关研究较少，且大部分没有很好地排除内生性和其他因素对结论的干扰。我们使用 1998-2007 年中国工业企业数据库中的制造业企业为样本，以 WTO 对放松中国外资银行准入的规定作为融资的外源性变化，利用双重差分模型探究融资与企业生产率的关系。我们的结果表明，整体来看，放松外资银行准入管制后，企业的全要素生产率显著提升。该结果通过了平行趋势检验且对劳动生产率和剔除了放松管制后新成立企业的样本稳健。安慰剂检验结果表明，企业全要素生产率的提高并非由同时期其他因素导致。对样本企业按照所有制分类后，我们发现，私营企业的全要素生产率提高最为显著，且该结果是由其中财务受限的企业所驱动的。

【关键词】 融资 全要素生产率 外资银行准入 双重差分模型

Does financing spur firm productivity?

Evidences from a natural experiment based on foreign bank entry

[Abstract]

Copious foreign literature has explored the relationship between financing and firm productivity, but so far there are no consistent conclusions. There are fewer relevant domestic studies, and most of them do not do a good job of excluding endogeneity and other factors from interfering with the findings. We use a large dataset developed and maintained by the National Bureau of Statistics of China (NBS) from 1998 to 2007, and explore the relationship between financing and firm productivity using a difference-in-difference model with WTO regulations on easing access to foreign banks in China as an exogenous change in financing. Our results show that, overall, firms' total factor productivity increases significantly after the deregulation of foreign bank access. The results pass a parallel trend test and are robust to labor productivity and the exclusion of newly established firms after deregulation from the sample. The results of the placebo test suggest that the increase in firms' total factor productivity was not caused by other factors over the same period. When the sample is disaggregated by ownership, we find that the most significant increase in total factor productivity is found in the private sector and that this result is driven by the financially constrained firms in the sample.

[Key Words] Financing TFP Foreign bank entry Difference-in-Difference