资本深化对中国资源型企业全要素生产率的影响

doi:10.18402/resci.2022.03.09

摘要/Abstract

摘要：

提升全要素生产率是高质量发展阶段资源型企业转型的重要途径。本文基于2010—2019年中国资源型上市企业财务数据,采用LP法测算其各年份全要素生产率水平及变化趋势,构建了固定效应模型和动态面板模型,从要素投入结构视角检验资本深化对资源型企业全要素生产率的影响及其传导机制。研究发现：①资源型企业全要素生产率逐年增长,但增长率偏低且整体呈下降态势,表明资源型企业发展缓慢,面对新发展、新阶段的竞争力不足;②资源型企业资本深化水平不断提升,深化速度明显加快,对企业全要素生产率增长具有显著的抑制效应,异质性分析表明这种抑制效应在上游开采业、能源企业、快速资本深化时期、经济发展水平较低地区和国有资源型企业中更为突出;③影响机制检验表明,产能过剩效应是资本深化抑制资源型企业全要素生产率的主要传导机制,同时由于创新投入对资源型企业全要素生产率增长的贡献较低,创新惰性效应虽存在但传导作用有限;④进一步研究发现,资本深化对组织资本较高和融资约束较低的资源型企业全要素生产率的抑制作用更小。本文研究结论对资源型企业要素配置决策和转型发展具有重要政策启示。

关键词: 资本深化, 资源型企业, 产能过剩, 创新惰性, 全要素生产率, 组织资本, 融资约束, 中国

Abstract:

In the era of high-quality development, improving total factor productivity is an important way to transform resource-based enterprises. Based on the financial data of China's resource-based listed enterprises from 2010 to 2019, this study used Levinsohn-Petrin (LP) method to measure the level and trend of total factor productivity in each year, and constructed fixed effect and dynamic panel models to test the impact of capital deepening on total factor productivity of these resource-based enterprises and its mechanism from the perspective of factor input structure. The results show that: The total factor productivity of resource-based enterprises increased year by year, but the growth rate was low and the overall growth rate was declining, indicating that the development of resource-based enterprises was slow and there was a lack of competitiveness in the new development stage. The capital deepening level of resource-based enterprises was constantly improving, and the deepening speed was obviously accelerating, which had a significant inhibitory effect on the growth of total factor productivity of enterprises. The heterogeneity analysis shows that this inhibitory effect was more prominent in the upstream mining industry, energy industry, rapid capital deepening period, lower economic development areas, and state-owned resource-based enterprises. The impact mechanism test shows that the overcapacity effect was the main transmission mechanism of capital deepening inhibiting the total factor productivity of resource-based enterprises. Due to the low contribution of innovation investment to the total factor productivity growth of resource-based enterprises, the innovation inertia effect existed, but the transmission effect was limited. Resource-based enterprises with higher organizational capital and lower financing constraints had less inhibitory effect on total factor productivity. The conclusions of this study have important policy implications for the factor allocation decision and transformation development of resource-based enterprises.

Key words: capital deepening, resource-based enterprises, excess production capacity, innovation inertia, total factor productivity, organizational capital, financing constraints, China

郑明贵, 董娟, 钟昌标. 资本深化对中国资源型企业全要素生产率的影响[J]. 资源科学, 2022, 44(3): 536-553.

ZHENG Minggui, DONG Juan, ZHONG Changbiao. Influence mechanism of capital deepening on total factor productivity of resource-based enterprises[J]. Resources Science, 2022, 44(3): 536-553.

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代码	名称	代码	名称
B06	煤炭开采和洗选业	C25	石油加工及炼焦业
B07	石油和天然气开采业	C26	化学原料和化学制品制造业
B08	黑色金属矿采选业	C30	非金属矿物制品业
B09	有色金属矿采选业	C31	黑色金属冶炼和压延加工业
B10	非金属矿采选业	C32	有色金属冶炼和压延加工业
D44	电力和热力生产供应业	C33	金属制品业

名称	符号	度量	平均值	标准差	最小值	最大值
被解释变量	tfp	LP法	17.654	1.295	11.229	23.018
主要自变量	fis	ln（扣除房屋建筑固定资产重置价值/员工人数）	12.815	1.215	9.774	15.636
中介变量	cu	总资产周转率	0.724	0.509	0.090	2.935
中介变量	rd	研发支出的自然对数	17.621	1.749	11.044	23.464
调节变量	oc	永续盘存法	0.332	0.243	0.013	1.467
调节变量	fc	SA指数	-3.126	0.154	-3.289	-2.672
控制变量
基本特征	size	总资产的自然对数	22.674	1.456	19.926	26.551
基本特征	age	ln（计算年–成立年）	16.717	5.355	4.000	30.000
经营特征	roa	利润总额/总资产	0.055	0.064	-0.169	0.266
经营特征	lev	期末负债总额/期末资产总额	0.502	0.214	0.063	0.988
治理特征	own	控股股东为国有股取值为1,否则取值为0	0.600	0.490	0.000	1.000
治理特征	fsr	第一大股东持股数/总股本	0.382	0.159	0.105	0.819

年份	全要素生产率			资本深化
年份	平均值	增长率/%	标准差	平均值/万元	增长率/%	标准差
2010	17.331	—	1.289	64.748	—	109.900
2011	17.443	0.646	1.323	65.217	0.724	106.539
2012	17.520	0.441	1.290	66.443	1.880	106.838
2013	17.600	0.457	1.294	67.739	1.951	98.914
2014	17.632	0.182	1.284	69.482	2.573	98.321
2015	17.655	0.130	1.243	72.727	4.670	97.142
2016	17.692	0.210	1.263	80.400	10.550	107.323
2017	17.827	0.763	1.251	85.276	6.065	114.795
2018	17.917	0.505	1.268	88.805	4.138	118.630
2019	17.925	0.045	1.325	92.624	4.300	123.413
总样本	17.654	0.375	1.295	75.346	4.095	108.823

	(1)	(2)	(3)	(4)	(5)
fis	-0.141*** (0.022)	-0.136*** (0.022)	-0.135*** (0.022)	-0.132*** (0.022)	-0.130*** (0.023)
fis²					0.003 (0.009)
size	0.621*** (0.041)	0.603*** (0.040)	0.598*** (0.040)	0.564*** (0.033)	0.564*** (0.033)
age	0.163** (0.066)	0.230*** (0.061)	0.254*** (0.061)	0.082 (0.136)	0.084 (0.137)
roa		1.623*** (0.141)	1.615*** (0.141)	1.581*** (0.140)	1.579*** (0.141)
lev		0.155 (0.108)	0.145 (0.109)	0.134 (0.097)	0.135 (0.097)
fsr			0.151 (0.134)	0.147 (0.127)	0.146 (0.126)
own			0.016 (0.050)	0.025 (0.045)	0.025 (0.045)
d_year				控制	控制
d_province				控制	控制
d_industry				控制	控制
常数项	4.933*** (0.796)	4.926*** (0.764)	4.897*** (0.767)	6.553*** (0.708)	6.513*** (0.711)
N	3500	3500	3500	3500	3500
R²	0.537	0.580	0.580	0.606	0.607

	重新度量资本深化		重新度量全要素生产率		内生性处理
	(1)	（2）	(3)	(4)	(5)	(6)
	fis₁	fis₂		OP法	ACF法		DGMM	SGMM
L.tfp					0.309*** (0.090)	0.512*** (0.077)
fis	-0.181*** (0.027)	-0.241*** (0.028)	-0.105*** (0.029)	-0.120*** (0.032)	-0.166*** (0.053)	-0.140*** (0.034)
控制变量	控制	控制	控制	控制	控制	控制
固定效应	控制	控制	控制	控制	控制	控制
N	3500	3500	3500	3500	3150	3150
R²	0.615	0.637	0.477	0.470
AR（1）					0.001	0.000
AR（2）					0.421	0.619
Hansen检验					0.125	0.165