Financing Constraints and Firm's Productivity Under the COVID-19 Epidemic Shock: Evidence of A-Shared Chinese Companies.

IF 2.5 3区社会学 Q2 DEVELOPMENT STUDIES European Journal of Development Research Pub Date : 2023-01-01 Epub Date: 2022-02-16 DOI:10.1057/s41287-021-00501-1

Zoey Wong, Afei Chen, Farhad Taghizadeh-Hesary, Rongrong Li, Qunxi Kong

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Abstract

Focusing on the financing barriers to firm productivity improvement under the influence of external shocks, we empirically analyze the data of A-share listed companies from 2007-2018 to determine the impact of financing constraints on total factor productivity (TFP) in the context of COVID-19 pandemic and the paths of factor use efficiency and R&D innovation efficiency on this impact using ordinary least-squares (OLS) method. We find that financing constraints are an important factor inhibiting the TFP of firms. This inhibitory effect is more serious in small-scale firms, non-state firms, and non-energy firms. Further investigation shows that the inhibitory effect of financing constraints on firms' TFP is more pronounced when firms are located in the Yangtze River Delta city cluster, the Pearl River Delta city cluster, non-port cities, and provincial capitals. The mechanism test finds that improving the efficiency of capital use and labor use can alleviate the suppressive effect of financing constraints on TFP. The alleviating impact is more significant when capital use efficiency is improved. However, increasing the efficiency of R&D innovation further strengthens the inhibitory effect of financing constraints, and this effect is more pronounced under positive external shocks.

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COVID-19疫情冲击下的融资约束与企业生产率：A股中国公司的证据。

围绕外部冲击影响下企业生产率提升的融资障碍，我们对2007-2018年A股上市公司的数据进行了实证分析，利用普通最小二乘法（OLS）确定了COVID-19大流行背景下融资约束对全要素生产率（TFP）的影响，以及要素使用效率和研发创新效率对这一影响的路径。我们发现，融资约束是抑制企业全要素生产率的一个重要因素。这种抑制作用在小型企业、非国有企业和非能源企业中更为严重。进一步研究表明，当企业位于长三角城市群、珠三角城市群、非港口城市和省会城市时，融资约束对企业全要素生产率的抑制作用更加明显。机制检验发现，提高资本使用效率和劳动力使用效率可以缓解融资约束对全要素生产率的抑制作用。当资本使用效率提高时，缓解效应更为显著。然而，研发创新效率的提高会进一步加强融资约束的抑制作用，而且这种作用在正外部冲击下更为明显。

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来源期刊

European Journal of Development Research DEVELOPMENT STUDIES-

CiteScore

5.70

自引率

4.00%

发文量

期刊介绍： The European Journal of Development Research (EJDR) redefines and modernises what international development is, recognising the many schools of thought on what human development constitutes. It encourages debate between competing approaches to understanding global development and international social development. The journal is multidisciplinary and welcomes papers that are rooted in any mixture of fields including (but not limited to): development studies, international studies, social policy, sociology, politics, economics, anthropology, education, sustainability, business and management. EJDR explicitly links with development studies, being hosted by European Association of Development Institutes (EADI) and its various initiatives. As a double-blind peer-reviewed academic journal, we particularly welcome submissions that improve our conceptual understanding of international development processes, or submissions that propose policy and developmental tools by analysing empirical evidence, whether qualitative, quantitative, mixed methods or anecdotal (data use in the journal ranges broadly from narratives and transcripts, through ethnographic and mixed data, to quantitative and survey data). The research methods used in the journal''s articles make explicit the importance of empirical data and the critical interpretation of findings. Authors can use a mixture of theory and data analysis to expand the possibilities for global development. Submissions must be well-grounded in theory and must also indicate how their findings are relevant to development practitioners in the field and/or policy makers. The journal encourages papers which embody the highest quality standards, and which use an innovative approach. We urge authors who contemplate submitting their work to the EJDR to respond to research already published in this journal, as well as complementary journals and books. We take special efforts to include global voices, and notably voices from the global South. Queries about potential submissions to EJDR can be directed to the Editors. EJDR understands development to be an ongoing process that affects all communities, societies, states and regions: We therefore do not have a geographical bias, but wherever possible prospective authors should seek to highlight how their study has relevance to researchers and practitioners studying development in different environments. Although many of the papers we publish examine the challenges for developing countries, we recognize that there are important lessons to be derived from the experiences of regions in the developed world. The EJDR is print-published 6 times a year, in a mix of regular and special theme issues; accepted papers are published on an ongoing basis online. We accept submissions in English and French.