摘要
商业信用网络在企业融资与资源配置中发挥着重要作用,对企业全要素生产率的提升具有深远影响。基于2013—2024年中国沪深A股上市公司数据,构建商业信用网络,实证检验商业信用网络中心度对企业全要素生产率的影响及其作用机制。研究结果表明,商业信用网络中心度显著促进了企业全要素生产率的提升。机制方面,商业信用网络中心度通过降低资金配置成本和提高资金配置效率,即通过“降本增效”提升企业全要素生产率。更进一步,该效应在非国有企业、小规模企业、资本密集及竞争性行业中更为显著,且营商环境较好、市场化程度较高地区的企业利用地区更高的商业信用网络密度显著增强了该效应。鉴于此,应完善商业信用制度体系,推动信用融资工具创新与风险管理,实施差异化的商业信用支持政策,进而实现经济高质量发展。
The trade credit network plays a crucial role in corporate financing and resource allocation,exerting a profound impact on the improvement of firms’total factor productivity(TFP).Using data from China’s Shang⁃hai and Shenzhen A-share listed companies between 2013 and 2024,this study constructs a trade credit network and empirically examines the influence of network centrality on TFP as well as its underlying mechanisms.The re⁃sults reveal that higher trade credit network centrality significantly enhances firms’TFP.Mechanism analysis shows that the network contributes to TFP improvement through“cost reduction and efficiency enhancement,”namely by lowering capital allocation costs and improving allocation efficiency.Furthermore,this effect is more pronounced among non-state-owned enterprises,small-scale firms,capital-intensive sectors,and competitive in⁃dustries.In regions with a favorable business environment and higher marketization,the denser credit network am⁃plifies this effect.Based on these findings,the study recommends improving the institutional system of trade cred⁃it,promoting innovation in credit financing instruments and risk management,and implementing differentiated credit support policies to advance high-quality economic development.
作者
张泽宇
张文龙
ZHANG Ze-yu;ZHANG Wen-long(Financial Risk Management Institute,Shanxi University of Finance and Economics,Taiyuan 030006,China;Shanxi Key Laboratory of Data Factor Innovation and Economic Decision Analysis,Shanxi University of Finance and Economics,Taiyuan 030006,China;School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《经济问题》
北大核心
2025年第12期80-88,共9页
On Economic Problems
基金
国家社会科学基金一般项目“基于生产网络和商业信用网络耦合的宏观经济波动问题研究”(20BJL016)
山西省高等学校哲学社会科学研究项目“商业信用网络对企业全要素生产率的影响及其机制研究”(2024W070)。
关键词
商业信用网络
资金配置成本
资金配置效率
企业全要素生产率
trade credit network
capital allocation cost
capital allocation efficiency
total factor productivity of enterprises
