|
|
|
| Does Financial Constraints Impede Technical Efficiency Improvement? An Empirical Study Based on Micro Data of Manufacturing Firms |
| CHEN Haiqiang HAN Qian, WU Kai
|
The Wang Yanan Institute for Studies in Economics,Xiamen University;
School of Applied Economics and Management,Cornell University |
|
|
|
|
Abstract This paper studies the impact of financial constraint on technical efficiency with the data from Chinese A-share manufacture firms between 2004 and 2009. Using both traditional measures of financial constraint (firm size, leverage and firm age) and the measurement estimated from the investment-cash flow model, we find that the financial constraint significantly impedes the technical efficiency improvement. By a natural experiment to tackle the endogeneity problem, our main conclusions still hold. Moreover, compared to state owned enterprises, the relief of financial constraint plays a larger positive role in raising technical efficiency for private firms. Our results imply that, reducing information asymmetry existing in financial markets to alleviate financial constraints faced by small-middle firms could help the improvement of technique efficiency and the upgrading of Chinese industry production.
|
|
Received: 11 March 2013
Published: 19 April 2018
|
|
|
|
|
| [1] |
何枫和陈荣,2008,《基于SFA测度的企业效率对企业绩效与企业价值的影响效果研究——来自于中国数个行业上市公司的证据2002-2006》,《金融研究》第9期,第152~163页。
|
| [2] |
黄莉芳、黄良文和洪琳琳,2011,《基于随机前沿模型的中国生产性服务业技术效率测算及影响因素探讨》,《数量经济技术经济研究》第6期,第120~132页。
|
| [3] |
李科和徐龙炳,2011,《融资约束、债务能力与公司业绩》,《经济研究》第5期,第61~73页。
|
| [4] |
连玉君、彭方平和苏治,2010,《融资约束与流动性管理行为》,《金融研究》第10期,第158~171页。
|
| [5] |
沈红波、寇宏和张川,2010,《金融发展、融资约束与企业投资的实证研究》,《中国工业经济》第6期,第55~64页。
|
| [6] |
吴延兵和米增渝,2011:《创新、模仿与企业效率——来自制造业非国有企业的经验证据》,《中国社会科学》第4期,第77~94页。
|
| [7] |
解维敏和方红星,2011,《金融发展、融资约束与企业研发投入》,《金融研究》第5期,第171~183页。
|
| [8] |
夏良科,2010,《人力资本与R&D如何影响全要素生产率——基于中国大型工业企业的经验分析》,《数量经济技术经济研究》第4期,第78~94页。
|
| [9] |
姚伟峰、鲁桐和何枫,2009,《股权分置改革、管理层激励与企业效率:基于上市公司行业数据的经验分析》,《世界经济》第12期,第77~84页。
|
| [10] |
张玲和曾维火,2004,《基于Z值模型的我国上市公司信用评级研究》,《财经研究》第6期,第5~13页。
|
| [11] |
Battese, G. E. and T.J. Coelli, 1995. “A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data”, Empirical Economics, 20, pp.325~332.
|
| [12] |
Bhaumik, S. K., P. K. Das and S. C. Kumbhakar, 2012. “A Stochastic Frontier Approach to Modeling Financial Constraint in Firms: An Application to India”, Journal of Banking and Finance, 36, pp.1311~1319.
|
| [13] |
Cleary, S., 2006. “International Corporate Investmentand the Relationships between Financial Constraint Measures”, Journal of Banking and Finance, 30, pp.1559~1580.
|
| [14] |
Farrell, M. J.,1957. “The Measurement of Productive Efficiency”, Journal of the Royal Statistical Society, 3, pp.253~290.
|
| [15] |
Fenn, P., D. Vencappa, S. Diacon and P. Klumpesand C. O’Brien, 2008. “Market structure and the efficiency of European insurance companies: A stochastic frontier analysis”, Journal of Banking and Finance, 32, pp. 86~100.
|
| [16] |
Gertler, M. and S. Gilchrist, 1993.“The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence”, Scandinavian Journal of Economics, 95, pp.43~64.
|
| [17] |
Habib, M. A. and A. Ljungqvist, 2005. “Firm Value and Managerial Incentives: A Stochastic Approach”, Journal of Business,78, pp.2053~2093.
|
| [18] |
Jensen, M., 1986. “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76, pp.323~329.
|
| [19] |
Kalirajan, K. P. and R. T. Shand, 1999. “Frontier Production Function and Technical Efficiency Measures”, Journal of Economic Survey, 13, pp.149~172.
|
| [20] |
Li, D., 2011.“Financial Constraints, R&D Investment, and Stock Returns”, Review of Financial Studies, 24, pp.2974~3007.
|
| [21] |
Sena, V., 1998. “Technical Change and Finance Constraint: An empirical Analysis for the Italian Manufacturing Firms”, Working paper, University of York.
|
| [22] |
Sena, V., 2006. “The Determinants of Firms’ Performance: Can Finance Constraints Improve Technical Efficiency?”, European Journal of Operational Research,172, pp.311~325.
|
| [23] |
Tabak, B. M. and P. L. Tecles, 2010. “Estimating a Bayesian Stochastic Frontier for the Indian Banking System”, International Journal of Production Economics, 125, pp.96~110.
|
| [24] |
Wang, H.J., 2003. “A Stochastic Frontier Analysis of Financing Constraints on Investment”, Journal of Business and Economic Statistics, 21, pp.406~419.
|
| [25] |
Wang, H.J. and C.W. Ho, 2010. “Estimating Fixed-Effect Panel Stochastic Frontier Models by Model Transformation”, Journal of Econometrics, 157, pp.286~296.
|
|
|
|
