The Influence Of Banking Expansion And Financing Constraint On Total Factor Productivity Of Manufacturing Enterprises

For a long time,China mainly relies on capital,labor and other factors of production to obtain economic growth,productivity improvement and progress of the contribution to economic growth is low.With the change of China’s economy from pursuing rapid development to pursuing quality development,the healthy and sustainable development of the economy needs total factor productivity to play a role.As the leading force of China’s national economy,manufacturing industry has made an enormous achievement to China’s economic take-off,but its extensive development mode makes the development of manufacturing industry lack of staying power.In the new stage of development,the manufacturing industry must be promoted to improve total factor productivity and carry out high-quality development.The sustained and healthy development of the manufacturing industry cannot be promoted without the support of the financial market which is compatible with the development of the manufacturing industry.The banking industry is the leading institution of China’s financial system,and the expansion of the banking industry is bound to relieve the financing constraint pressure of manufacturing enterprises and help to improve their total factor productivity.Under the background of comprehensively promoting the supply-side structural reform and the transformation and upgrading of the manufacturing industry,it is of great significance to analyze the impact of the expansion of the banking industry on the financing constraints and the improvement of total factor productivity of the manufacturing industry for improving the efficiency of resource allocation and promoting the development of China’s real economy.This article selects 2010-2019,the Shanghai and Shenzhen a-share manufacturing listed companies as samples,the calculation of the SA index as a corporate financing constraint level,with nearly 10 years of commercial bank branch number and size of the loan expansion degree measure banking,banking expansion as well as the degree of financing constraints on the influence of manufacturing total factor productivity of listed companies.The final research conclusions are as follows: Banking expansion is significantly negatively correlated with the financing constraints of enterprises,and the expansion of bank branches helps to ease the financing constraints of enterprises.Financing constraints inhibit the improvement of firms’ total factor productivity.Banking expansion weakens the restraining effect of financing constraint on the improvement of total factor productivity,and has a regulating effect on the restraining effect of financing constraint on the improvement of total factor productivity of enterprises.The total factor productivity of the high-tech industry group is higher than that of the non-high-tech industry group,and the financing constraint of the high-tech industry group is lower than that of the non-high-tech industry group.Banking expansion has a mitigating effect on the financing constraint of the high-tech industry and non-high-tech industry group,and the regulation effect of banking expansion on the financing constraint of non-high-tech industry group on the total factor productivity is more obvious.Research and development investment and human capital play a promoting role in improving the total factor productivity of enterprises,enterprises should increase the investment in scientific research and human capital;There is a significant positive correlation between ownership concentration and total factor productivity.