资源科学 ›› 2022, Vol. 44 ›› Issue (3): 536-553.doi: 10.18402/resci.2022.03.09

• 资源经济 • 上一篇    下一篇

资本深化对中国资源型企业全要素生产率的影响

郑明贵1,2(), 董娟1(), 钟昌标3   

  1. 1.江西理工大学矿业发展研究中心,赣州 341000
    2.中国科学技术大学管理学院,合肥 230026
    3.云南财经大学商学院,昆明 650221
  • 收稿日期:2021-07-05 修回日期:2021-10-16 出版日期:2022-03-25 发布日期:2022-05-25
  • 通讯作者: 董娟,女,山西洪洞人,博士研究生,主要研究方向为矿业技术经济与管理。E-mail: idongjuan@163.com
  • 作者简介:郑明贵,男,安徽颍上人,博士,教授,博士生导师,主要研究方向为资源经济与管理。E-mail: mgz268@sina.com
  • 基金资助:
    国家社会科学基金重点项目(18AGL002);教育部人文社会科学研究青年基金项目(20YJC790087);江西省青年马克思主义者理论研究创新工程资助项目(21QM37)

Influence mechanism of capital deepening on total factor productivity of resource-based enterprises

ZHENG Minggui1,2(), DONG Juan1(), ZHONG Changbiao3   

  1. 1. Research Center of Mining Development, Jiangxi University of Science and Technology, Ganzhou 341000, China
    2. School of Management, University of Science and Technology of China, Hefei 230026, China
    3. School of Business, Yunnan University of Finance and Economics, Kunming 650221, China
  • Received:2021-07-05 Revised:2021-10-16 Online:2022-03-25 Published:2022-05-25

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