【摘要】：本文將企業(yè)和金融部門之間的不完全契約引入增長模型,分析契約執(zhí)行效率通過融資成本渠道對企業(yè)TFP增長率的影響機制,并使用1998—2007年中國制造業(yè)企業(yè)的微觀數(shù)據(jù)對理論結(jié)果進行了實證檢驗,并得到如下結(jié)論:第一,較高的契約執(zhí)行效率會通過融資成本渠道提高企業(yè)TFP增長率,且該效應(yīng)隨企業(yè)資本依賴度和融資依賴度的上升而更為明顯;第二,分地區(qū)看,由于邊際效應(yīng)遞減,契約執(zhí)行效率對中部地區(qū)企業(yè)的影響比東西部地區(qū)更明顯;第三,分行業(yè)看,契約執(zhí)行效率對資本密集型企業(yè)TFP增長率的促進作用高于勞動密集型和技術(shù)密集型企業(yè);第四,分所有制看,私營企業(yè)從契約執(zhí)行效率的改善中受益最大,而外資企業(yè)受益較小。
[Abstract]:In this paper, the incomplete contract between the enterprise and the financial sector is introduced into the growth model, and the mechanism of the effect of the contract execution efficiency on the TFP growth rate through the financing cost channel is analyzed. Using the microcosmic data of Chinese manufacturing enterprises from 1998 to 2007, this paper empirically tests the theoretical results and draws the following conclusions: first, higher contract execution efficiency will increase the TFP growth rate of enterprises through financing cost channels. And the effect is more obvious with the increase of capital dependence and financing dependence. Secondly, as the marginal effect decreases, the effect of contract execution efficiency on the enterprises in the central region is more obvious than that in the eastern and western regions. Thirdly, by industry, the efficiency of contract execution promotes the TFP growth rate of capital-intensive enterprises more than that of labor-intensive and technology-intensive enterprises. Fourth, from the point of view of ownership, private enterprises benefit most from the improvement of contract execution efficiency, while foreign enterprises benefit less.
【作者單位】： 南開大學經(jīng)濟學院;
【基金】：中國特色社會主義經(jīng)濟建設(shè)協(xié)同創(chuàng)新中心一般項目“產(chǎn)業(yè)結(jié)構(gòu)升級、經(jīng)濟波動平穩(wěn)化和經(jīng)濟風險問題研究”的資助
【分類號】：F406.7;F424

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