Research On The Influence Of Manufacturing Enterprise Leverage Ratio On Total Factor Productivity

Since our country’s economy into the "new normal",has bid farewell to high growth stage to high quality development stage,it is to adjust the industrial structure,change the way of development,to promote transformation and upgrading of the period of strategic opportunities,economic growth needs expansion by relies mainly on the inputs into a mainly rely on innovation drive and total factor productivity has increased,to lead to sustained economic growth.However,in recent years,as the pillar industry of our country’s economy,the development of manufacturing industry is increasingly slow,but the corporate leverage ratio is high.The phenomenon of high leverage ratio and fast growth rate of manufacturing enterprises has attracted wide attention at home and abroad,and preventing financial risks and ensuring financial security has become an important issue in the process of economic reform in China.In the context of "deleveraging" supply-side structural reform,it is of great theoretical and practical significance to study the influence of China’s manufacturing leverage ratio on total factor productivity.In this paper,the variation of total factor productivity is firstly decomposed into pure technical efficiency,scale efficiency and technological progress,and then the theoretical mechanism of the influence of leverage ratio on total factor productivity is explained.Then based on China’s Shanghai and shenzhen two city manufacturing industry listed companies in 2007-2017 panel data,using the method of LP and DEA and Malmquist estimates the decomposition of total factor productivity and efficiency,using fixed effect model and the threshold model,GMM model to explore the relationship between leverage and total factor productivity,and considering the businesses in property,region,industry,differences between debt maturity structure,sample for empirical analysis.Finally,investment expenditure is introduced as a mediating variable and the mechanism of action is tested by mediating effect model.The results shows that :(1)there is a significant inverted u-shaped relationship between enterprise leverage ratio and total factor productivity,and the effect on total factor productivity is first promoted and then inhibited,with the inflection point value of 59.32%.(2)regional heterogeneity,property right heterogeneity,industry heterogeneity and debt maturity structure will affect the relationship between enterprise leverage ratio and total factor productivity.For technology intensive industries,leverage ratio and total factor productivity appear positive correlation,andother types of enterprises still dark inverted u-shaped relationship between the two,inflection point values present private enterprise > local state-owned enterprise >59.32% > central state-owned enterprise,and eastern region> 59.32% > central region > western region,capital-intensive industries > 59.32% >labor-intensive industries,the characteristics of short-term leverage point is 14.8%,long-term leverage inflection point is 16.42%.(3)leverage ratio affects the total factor productivity by affecting the investment expenditure of enterprises,changing the allocation of enterprise resources,and affecting the pure technical efficiency,scale efficiency and technological progress of enterprises.Finally,under the current situation of transformation and upgrading of the manufacturing industry,this paper puts forward some Suggestions on optimizing the leverage ratio to improve the total factor productivity of the manufacturing industry based on the theoretical analysis and empirical results.