| Against the backdrop of the new normal in China’s economy and the many new contradictions and problems facing economic development,the report of the 20 th Party Congress stresses that only by improving total factor productivity can we maintain sustainable and stable economic growth.From a micro perspective,total factor productivity measures the efficiency of an enterprise’s inputs and outputs,including both production factors and the impact of many non-production factors on output,and is inseparable from the support of capital and technology to improve its efficiency.By establishing links with banks,firms can break down information barriers and reduce information asymmetry between them,making it easier for them to raise funds and provide more adequate financial support for R&D and innovation,which can open up new ways to improve total factor productivity.This paper firstly identifies the significance of the study in the context of current research,summarizes the existing research results,clarifies the overall idea and methodology of the study,points out the possible innovation points and shortcomings of the article,and theoretically determines the feasibility of the later study.Secondly,after reviewing the research history of the existing literature on bank-enterprise correlation and total factor productivity of enterprises,this paper proposes a micro mechanism of bank-enterprise correlation affecting total factor productivity of enterprises under the guidance of relevant theories.Again,this paper selects the panel data of A-share manufacturing enterprises in China from 2011 to 2020 as the research sample,processes and analyses the relevant data,determines the causal relationship between bank-enterprise correlation and total factor productivity using a double fixed-effects panel regression model,uses the instrumental variables method and systematic GMM method to deal with the endogeneity problems,and conducts the regressions by replacing the explanatory variables and categorical regressions,etc.robustness tests.Finally,in a further analysis,group regressions were conducted on three aspects of firm property rights,factor intensive firms and the level of financial market development to test whether there are heterogeneous differences in the impact of bankenterprise correlation on firms’ total factor productivity,followed by a mediation effects model to test the role played by financing constraints,technological innovation and the mechanism of resource allocation efficiency.The empirical tests lead to the following conclusions: First,bank-enterprise correlation significantly increase the total factor productivity of manufacturing firms,and this conclusion still holds after various robustness and endogeneity tests.Second,the effect of bank-enterprise correlation on manufacturing TFP varies across different property rights,factor intensities and levels of regional financial development.The effect of bank-enterprise correlation on total factor productivity is more pronounced for private enterprises,nonlabour intensive enterprises and enterprises in regions with lower financial development.Third,the mechanism analysis shows that bank-enterprise correlation enhance the total factor productivity of enterprises mainly through three channels: alleviating the degree of financing constraints,promoting technological innovation and improving the efficiency of resource allocation.Based on the above findings,this paper argues that it is necessary to further strengthen the efforts of bank-enterprise correlation to serve enterprises,make full use of the relationship advantages of bank-enterprise correlation,and create good internal and external development conditions through the joint efforts of the government,banks and enterprises.At the same time,relevant government departments must establish a good supervision mechanism to prevent and solve the risk of collusion between banks and enterprises.The research in this paper enriches the literature on the impact of bank-enterprise correlation on total factor productivity of enterprises and its mechanism of action,and the results of the study can provide reference for enterprises to overcome the financing constraint problem and promote enterprise development,thereby promoting high-quality economic development. |
