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在当前经济转型升级的大背景下,要想保持经济长期可持续的增长,必然要求微观企业保持良好的成长态势和较高水平的生产效率。本文利用BEEPS的中国企业调查微观数据,考察了外部融资约束、银行信贷和技术研发影响企业绩效和企业成长的作用机制。研究表明:外部融资约束对企业生产效率有显著负面影响,企业技术研发对生产效率有显著的促进作用,外部融资约束通过技术研发投入途径对企业生产效率产生抑制效应;银行信贷对于企业生产效率有直接的负面影响,只有将其投入到技术研发活动中才会发挥促进企业成长的作用。
In the current context of economic restructuring and upgrading, maintaining a long-term sustainable economic growth necessarily requires that micro-enterprises maintain a sound growth momentum and a higher level of production efficiency. In this paper, we use the microeconomic data of BEEPS in China to investigate the mechanism of external financing constraints, bank credit and technological research and development that affect corporate performance and business growth. The research shows that: external financing constraints have a significant negative impact on the production efficiency of enterprises, enterprise technology research and development have a significant role in promoting production efficiency, external financing constraints have an inhibitory effect on the production efficiency of enterprises through R & D input; Direct negative impact, only to invest in technology research and development activities will play a role in promoting business growth.