Research On The Impact Of Debt Level Of Listed Manufacturing Enterprises On Total Factor Productivity In China

Since China’s economy and society entered the new normal of development,the development mode of national economy is gradually changing from a higher speed development stage to a high quality development stage,which makes China need to take the road of intensive development.As the main body of national economic development,in the process of promoting the quality and efficiency of economic development,the improvement of total factor productivity is the core engine to cultivate their competitive advantages and promote sustainable development.However,in recent years,after decades of extensive rapid growth of Chinese enterprises,the accumulated asset-liability ratio has shown a rapid upward trend,making the overall efficiency of enterprises not high.Therefore,in the new era when China’s economy has entered the stage of high-quality development,it has strong theoretical value and practical significance to study the relationship between debt level and total factor productivity of China’s listed manufacturing enterprises.Taking China’s listed manufacturing enterprises from 2012 to 2020 as a sample,this paper constructs a two-way fixed effect model based on MM theory,trade-off theory,agency cost theory and endogenous growth theory,and to explore the influence of debt level on total factor productivity,its mechanism and the possible difference of debt level with different attributes.It is found that there is a significant inverted U-shaped relationship between corporate debt level and total factor productivity,and the critical value is 45.19%.Based on debt maturity structure,we find that long-term debt has a greater positive effect on total factor productivity than short-term debt.At the same time,the heterogeneity effect of corporate debt level on total factor productivity due to property rights attributes and industry attributes is discussed,and it is shown that the critical value of corporate debt level changes significantly in multiple dimensions.Further studies have shown that for sample firms with high debt levels,investment expenditure plays a part of the mediating effect between firm debt levels and total factor productivity.In view of this,based on the conclusions after theoretical analysis and robustness test,this paper puts forward suggestions for improving the total factor productivity of the manufacturing industry from three aspects:adjusting the debt structure of enterprises,optimizing the financing environment and maintaining policy determination.