Research On The Impact Of Financing Constraints Upon Chinese Manufacturing Corporations' TFP

It is an urgent issue for Chinese manufacture industry to transfer and upgrade by improving the ability of R&D and productivity.The former scholars are insisting on researching the factors that impact the enterprise' TFP(Total Factor Productivity)by the view of macro policy,corporation management and technology progress.Basing on the formers' research,this passage focuses on the impact that FC(financing constrain)makes on enterprise TFP.Different from the direct research about the relationship,this passage takes first step to divide TFP into PTE,SE and TE,and then analyze how FC impact enterprise's PTE,SE and TE through intensive effect,scale effect and technology effect resulting in the impact on TFP.Secondly,this passage use the data of listed manufacture corporations to make the empirical test basing on Panel Threshold Model.In addition,as to the difference between the manufacture enterprises within different element intensities,this paper divide the entire enterprises into labor intensity,capital intensity and technology intensity by Cluster Analysis and make the empirical test separately.The conclusions through the research show that:(1)From the entire sample,the relationship between FC and TFP of Chinese manufacture enterprises is not merely a linear positive or negative correlation,but a nonlinear upside-down U correlation that signifies in low FC level,the correlation between FC and TFP is positive as the improvement of FC would increase TFP,and while FC reach a specific level,the correlation transfer from positive to negative as the higher FC is,the lower TFP is.(2)In the manufacture enterprises within different element intensities,the correlation is different.In labor and capital intensity enterprises,the correlation is still upside-down U,but in technology intensity enterprises,FC and TFP only has the negativecorrelation.(3)In overall types of enterprise,the correlations between FC and PTE are positive,which signifies that the improvement of FC can promote PTE including the management and resource allocation efficiency.The correlation between FC and SE is upside-down U that means in the low FC level,the improvement of FC will decrease the production scale to the best production scale and then improve SE.But when the production scale reach the best production,improving FC would still decreasing the production scale resulting in the decrease of SE.(4)Although there exists the negative correlation in minority enterprises,the normal situation to most enterprises is that improving FC level would decrease TFP.This indicates that facing the transformation and upgrading to Chinese manufacture,perfecting capital market to reduce FC level is an essential method to improve TFP.