Research On The Impact Of Capital Management On Total Factor Productivity Of Listed Manufacturing Companies

In recent years,with the rapid development of the financial market and the emergence of various financial product innovations,more and more real enterprises allocate more resources to capital operation activities,ignoring the development of the main business,and the phenomenon of "unreality and emptiness" is becoming increasingly serious.On the one hand,the capital operation activities of enterprises can exert the "savings effect",provide financial support for production and operation activities,alleviate the external financing constraints,and then promote the total factor productivity.On the other hand,it will exert the "crowding out effect",which can crowd out real investment,inhibit enterprise innovation,and then restrain the improvement of total factor productivity.The impact of capital operation activities on total factor productivity is worth further study.Manufacturing is the lifeblood of a country’s economy and a major difficulty in the development of the real economy.The increase of the average financialization rate of manufacturing enterprises has a great impact on the overall economy.Therefore,this article takes the manufacturing enterprise as the research object to explore whether the manufacturing industry in our country has excessive capital management problem,whether the phenomenon of "real to virtual" exists.From the perspective of capital management appropriateness,based on the resource dependence theory,principal-agent theory and shareholder value maximization theory,this paper proposes the hypothesis that the impact of capital management on total factor productivity presents an inverted U-shaped relationship.Meanwhile,based on the pecking order theory and knowledge-based theory,this paper proposes the hypothesis that financing constraints and learning ability play a partial mediating effect between the two relationships.In order to verify the above hypothesis,this paper builds an empirical model based on the data of manufacturing A-share listed companies in Shanghai and Shenzhen from 2008 to 2020.The empirical results show that the influence of capital operation on the total factor productivity of manufacturing industry presents an inverted U-shaped relationship.Moderate capital operation promotes the total factor productivity,while excessive capital operation inhibits the total factor productivity,and this influence is more prominent in state-owned enterprises and low-growth enterprises.Further analysis shows that moderate capital management promotes total factor productivity by alleviating financing constraints and improving learning ability,while excessive capital management inhibits total factor productivity by aggravating financing constraints and weakening learning ability.Based on the research conclusions,this paper puts forward the following suggestions: Enterprises should recognize the "double-edged sword" effect of capital operation and control capital operation at an appropriate level,so as to promote the improvement of total factor productivity.Managers should reasonably allocate resources according to the enterprise’s development strategy,vision and goals.They should not only play the saving role of capital operation,but also use capital operation activities to build a learning platform and promote the integrated utilization of knowledge.The government should also play the role of various policies to encourage and guide manufacturing enterprises to allocate funds reasonably and return to the main business,so as to avoid enterprises being forced to participate excessively in capital operation or actively seek short-term benefits due to financing problems.In addition,market investors should invest rationally,pay attention to the development of the enterprise’s main business and the realization of the underlying value goal,so as to guide manufacturing enterprises to allocate resources reasonably and efficiently.