Exogenous Financing, State-Ownership Features and Enterprises Productivity—An Empirical Analysis on Listed Chinese Manufacturing Enterprises

This study examines how the exogenous financing and state-ownership features affect the enterprises’ productivity by observing the financing data of 1,481 Chinese listed enterprises over the period 2001-2016. The result shows that long-term loan has a positive impact on enterprises’ productivity. Short-term loan and account payable have a negative impact on enterprises’ productivity. Also, we find that state-ownership features have a negative impact on enterprises productivity. Moreover, this paper investigates the relationship between enterprises’ productivity and the degree of regional economic development measured by GDP on provincial level. The result shows provincial economic development is positively related to the enterprises productivity. These findings are useful for both related authorities and enterprises for better understanding of the financial channels and constrains in China and the possible solutions to more diversified exogenous financing.