Economic Theory and Business Management
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ZHANG Dongyang
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张冬洋#br#
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Abstract: Financial factors have been found highly important in influencing firms real activities and in promoting aggregate growth. Yet, the linkage between finance and firmlevel total factor productivity (TFP) has been overlooked in the literature. We fill this gap using nonlisted 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
摘要:
关键词: 融资约束 , 运营资本 , 全要素生产率 , 所有制
ZHANG Dongyang. CHINESE FIRMS WORKING CAPITAL AND TFP UNDER FINANCIAL CONSTRAINTS[J]. Economic Theory and Business Management.
张冬洋. 融资约束视角下的运营资本对中国企业全要素生产率的贡献*[J]. 经济理论与经济管理.
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URL: http://jjll.ruc.edu.cn/EN/
http://jjll.ruc.edu.cn/EN/Y2018/V38/I3/72