Research On The Impact Of Total Factor Productivity Of Mismatched Financial Resources In China

From 1978 to 2022,the average annual growth rate of China’s GDP reached9.12%,making it the world’s second largest economy and creating a remarkable economic development miracle.However,with the rapid expansion of the early economy,a series of problems such as resource waste and environmental damage have emerged.Since the 18 th National Congress of the Communist Party of China,the Party Central Committee has continuously deepened its understanding of the stage of China’s economic development.The report of the 19 th National Congress of the Communist Party of China pointed out that “the Chinese economy has shifted from a stage of high-speed growth to a stage of high-quality development”,and the key lies in “improving total factor productivity”.This means that the development mode driven by increasing production factor input is no longer able to meet the requirements of high-quality economic development,and needs to gradually shift towards a development mode driven by total factor productivity.The report of the20 th National Congress of the Communist Party of China strengthened the expression in the 19 th National Congress,pointing out the need to “focus on improving total factor productivity”.Therefore,how to improve total factor productivity has become one of the important issues studied by scholars.Total factor productivity is essentially a form of allocation efficiency.In the entire economy,even if there is no technological progress from a micro perspective,as long as there is a mechanism to transfer resources from lower productivity enterprises or industries to higher productivity enterprises or industries,total factor productivity will increase.This means that an increase in total social output can be achieved while the input of production factors remains unchanged.Financial resources,as a scarce economic resource,should be allocated to enterprises or industries with higher production efficiency,just like general resources,in order to achieve Pareto optimality.For our country,the total amount of financial resources in the existing market is sufficient to meet the needs of economic development,but due to the mismatch of financial resources,it is difficult to meet the financing needs of some real economies.Based on this,this article mainly studies the impact and mechanism of mismatched financial resources at the enterprise and industry levels on total factor productivity.This issue is related to the future development of enterprises and industries,and largely determines whether China’s economy can achieve high-quality development.On the basis of reviewing domestic and foreign literature,this article first introduces the concepts and measurement methods of financial resource mismatch and total factor productivity in theoretical analysis.Based on the different manifestations of financial resource mismatch at the enterprise level,it is divided into “insufficient allocation” and “excessive allocation”;Second,sort out the relevant theories on the impact of financial resource mismatch on total factor productivity;Third,a theoretical model of the impact of financial resource mismatch on total factor productivity was constructed based on the HK model;Final,analyze the specific paths through which the mismatch of financial resources affects total factor productivity from the perspectives of enterprises and industries.In fact analysis,based on the four aspects of financial resource mismatch,total factor productivity,financial resource mismatch affecting total factor productivity,and financial resource mismatch affecting path of total factor productivity,the facts are described and evaluated from the enterprise level and industry level respectively.In empirical analysis,using data from Chinese listed companies from 2009 to 2021,this study examines the impact and impact pathways of financial resource mismatch on total factor productivity from both the enterprise and industry levels.The following conclusions have been drawn in this article:For the enterprise level,(1)Misallocation of financial resources will inhibit the total factor productivity of enterprises.When financial resource mismatch manifests as “insufficient allocation”,the negative impact on total factor productivity is greater.(2)Considering the heterogeneity of enterprises,it is found that the negative impact of mismatched financial resources on total factor productivity in state-owned enterprises is greater than that in non-state-owned enterprises;The negative impact of mismatched financial resources on total factor productivity in small and mediumsized enterprises is greater than that in large-scale enterprises;The negative impact of mismatched financial resources of enterprises in the western region on total factor productivity is greater than that in the eastern and central regions.(3)For enterprises with “insufficient allocation” of financial resources,the mismatch of financial resources mainly affects total factor productivity through innovation capability and financing constraints;For enterprises with “excessive allocation” of financial resources,the mismatch of financial resources mainly affects total factor productivity through inefficient investment and enterprise “financialization”.For the industry level,(1)Misallocation of financial resources will suppress the total factor productivity of the industry.(2)Considering industry heterogeneity,it is found that the mismatch of financial resources has a negative impact on total factor productivity,with this negative effect being greater in the tertiary industry than in the primary and secondary industries.In labor-intensive industries,this negative effect is the greatest,followed by technology-intensive industries and capital-intensive industries.(3)The impact of financial resource mismatch on total factor productivity at the industry level was verified from the perspectives of financing constraints and overcapacity in the industry.Based on the factual and empirical analysis of the impact of financial resource mismatch on total factor productivity,this article attempts to propose relevant policy recommendations from two aspects: optimizing financial resource allocation and leveraging intermediary effects to alleviate the negative impact of financial resource mismatch.Optimizing financial resource mismatch emphasizes optimizing the allocation of financial resources between enterprises and industries.At the enterprise level,due to the existence of ownership mismatch,scale mismatch,and regional mismatch in China’s financial resources,"ownership discrimination" should be eliminated to achieve free flow of financial resources between state-owned and non-state-owned enterprises;Encourage large financial institutions to transform their service concepts,while developing small and medium-sized financial institutions;Optimize the layout of financial resources and guide the flow of financial resources to the central and western regions.At the industry level,there is an industrial mismatch and factor intensive mismatch in China’s financial resources.Therefore,it is necessary to expand domestic demand and guide the flow of financial resources to the tertiary industry;Realize a virtuous cycle of “Technology-Industry-Finance” and encourage financial resources to flow towards technology intensive industries.Utilizing the intermediary effect to alleviate the negative impact of financial resource mismatch,at the enterprise level,when financial resource mismatch manifests as “insufficient allocation”,on the one hand,enterprises should increase innovation investment to improve innovation capabilities;On the other hand,a financing model suitable for one’s own development should be formulated to reduce the financing pressure on enterprises.When the mismatch of financial resources manifests as “excessive allocation”,enterprises should strengthen their internal management and external supervision of industrial investment activities;On the other hand,clarify one’s own development positioning and allocate operational and financial assets reasonably.At the industry level,for one side,activate the financial resources in industries with overcapacity,provide capital to emerging and high-tech industries with high capital demand,achieve reasonable allocation of financial resources among different industries,and achieve mutual benefit and win-win among industries;For another side,formulate corresponding industrial policies to encourage the development of emerging and high-tech industries,promote the flow of financial resources to more critical emerging and high-tech industries,and alleviate financing constraints on these industries.The main work and innovation of this article are mainly reflected in the following aspects: Firstly,based on the different forms of expression,this article subdivides the mismatch of financial resources at the enterprise level into“insufficient allocation” and “excessive allocation”.The specific division is based on the calculation results,and it is clearly proposed that the absolute value of the calculation results represents the degree of financial resource mismatch,and positive or negative represents its manifestation,focusing on how financial resource misallocation affects total factor productivity,a comparative analysis was conducted on the differences in impact under different manifestations.It was found that financial resource misallocation can inhibit total factor productivity,and when financial resource misallocation is manifested as “insufficient allocation”,the negative impact on total factor productivity is greater.Secondly,in this study at the enterprise level,based on the perspectives of innovation capability,financing constraints,and inefficient investment,the“financialization” perspective of enterprises is expanded.The differences in the impact paths of financial resource mismatch on total factor productivity are analyzed when it manifests in different forms.The results show that for firms with “insufficient allocation” of financial resources,misallocation of financial resources mainly inhibits total factor productivity by inhibiting innovation ability and strengthening financing constraints.For enterprises with “excessive allocation” of financial resources,the mismatch of financial resources mainly suppresses total factor productivity by increasing inefficient investment and deepening “financialization”.Thirdly,the use of multiple types of calculation methods has avoided potential measurement errors in research.Based on the widespread use of one or more calculation methods by scholars,this article considers that there may be errors in the calculation results obtained by selecting only one type of calculation method.Therefore,this article uses indirect measurement methods represented by capital price distortion method and econometric methods represented by semi parametric estimation method to measure financial resource mismatch and total factor productivity at the enterprise level.At the same time,this article uses direct measurement methods represented by financial mismatch burden level to measure financial resource mismatch,and uses deterministic methods represented by growth accounting method to measure total factor productivity to avoid possible errors in the calculation results.