关键词: 融资约束 , 运营资本 , 全要素生产率 , 所有制

Abstract: Financial factors have been found highly important in influencing firms real activities and in promoting aggregate growth. Yet, the linkage between finance and firmlevel total factor productivity (TFP) has been overlooked in the literature. We fill this gap using nonlisted Chinese firms over the period 1999—2013 to estimate a TFP model augmented with working capital. We find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly financial constrained private and foreign firms are more sensitive to working capital.

Key words: financial constraints , working capital , TFP , ownership