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Non-Financial Enterprise Financialization, Product Market Competition, and Total Factor Productivity of Enterprises
| Content Provider | SAGE Publishing |
|---|---|
| Author | Miao, Long Zhuo, Yue Wang, Haojun Lyu, Bei |
| Copyright Year | 2022 |
| Abstract | At present, two big challenges have struck China’s economic development: economic containment “from the real to the virtual” and accomplishment in the goal of high-quality economic development. Taking China’s A-share public manufacturing enterprises from 2007 to 2020 as samples, this paper empirically analyzes the relationships among product market competition, non-financial enterprise financialization, and total factor productivity of enterprises. It is found that non-financial enterprise financialization significantly lowers down the total factor productivity of enterprises, that is, the total factor productivity of enterprises will drop by 1.7% as the non-financial enterprise financialization rises by 1 SD every time. After external regulation effects of product market competition are further taken into account, the furious product market competition, on the whole, mitigates the negative influences of non-financial enterprise financialization on total factor productivity of enterprises by strengthening the role of non-financial enterprise financialization as a “reservoir” and abating the “crowding-out” effect. Therefore, competition promotion policies combined with funds moving “from the virtual to the real” could more effectively elevate the enterprise productivity. |
| Related Links | https://journals.sagepub.com/doi/pdf/10.1177/21582440221089956?download=true |
| ISSN | 21582440 |
| Issue Number | 2 |
| Volume Number | 12 |
| Journal | SAGE Open (SGO) |
| e-ISSN | 21582440 |
| DOI | 10.1177/21582440221089956 |
| Language | English |
| Publisher | Sage Publications CA |
| Publisher Date | 2022-05-05 |
| Publisher Place | Los Angeles |
| Access Restriction | Open |
| Rights Holder | © The Author(s) 2022 |
| Subject Keyword | non-financial enterprise financialization total factor productivity empirical study product market competition |
| Content Type | Text |
| Resource Type | Article |
| Subject | Arts and Humanities Social Sciences |
