The Impact Of Loan Term Structure On Total Factor Productivity In Advanced Manufacturing Enterprises

The manufacturing industry is the foundation of a country’s development.The rise and rapid development of advanced manufacturing industry represent the rapid rise of the country’s comprehensive national strength,which is conducive to improving my country’s division of labor in the global industrial chain.Bank loans are the main channel for advanced manufacturing to obtain financial support.As an important feature of corporate credit behavior,loan term structure is one of the important factors that play a role in credit volume.It is necessary to study the efficiency of commercial banks’ medium and long-term loans to support advanced manufacturing industries.Using economic principles such as incentive compatibility mechanism,the nexus between loan term structure and total factor productivity of advanced manufacturing industry is examined,this paper studies the relationship between the loan term structure and the total factor productivity of advanced manufacturing,analyzes and proposes an "inverted U-shaped relationship between the proportion of mid-term and long-term loans and the total factor productivity of advanced manufacturing""Assumptions of nexus.Secondly,on the basis of theoretical analysis,this paper takes 328 listed companies in Shanghai and Shenzhen A-share companies as samples from 2010 to 2020,and uses the LP method to calculate the total factor productivity level of listed companies in the advanced manufacturing industry,using a two-way fixed effect model.It empirically tests the re lationship between the proportion of mid-term and long-term loans and total factor productivity,and conducts grouping regression analysis on three aspects: enterprise ownership,regional heterogeneity and enterprise size.Then,I use the mediation effect model to conduct an empirical study on the formation mechanism of the "inverted U-shaped" nexus.Finally,the robustness test is carried out in this paper,and the test results are consistent with the main conclusions of this paper,indicating that the res earch conclusions of this paper have good credibility.The research results show that the nexus between the loan term structure and the total factor productivity of advanced manufacturing is not linear,but with the increase of the proportion of medium and long-term loans,the total factor productivity of advanced manufacturing shows a significant "inverted U-shaped" relationship,which is located at a high level.The proportion of medium and long-term loans at the point is 38.6%.Further analysis,accordin g to the enterprise ownership,size and region of the sample regression,although the "inverted U"relationship exists,its high point is different depending on the type of enterprise,region and size.The results of this study can provide empirical eviden ce for improving the efficiency of credit support for advanced manufacturing,and can provide reference for commercial banks to optimize the loan term structure of advanced manufacturing.Finally,based on the research conclusions,the following countermea sures are put forward to rationally allocate the loan term to improve the efficiency of advanced manufacturing enterprises: First,increase medium-and long-term loan support for advanced manufacturing industries.Second,scientifically arrange the loan term structure of advanced manufacturing enterprises to effectively realize the original intention of financial services to the real economy.Third,guide advanced manufacturing enterprises to rationally use medium and long-term credit funds to prevent the risk of maturity mismatch.Fourth,improve the external financial environment and promote the construction of a multi-level capital market.