Cluster Commercial Credit and Total Factor Productivity of the Manufacturing Sector

Ting-hua, Liu; Kou, Fengjuan; Liu, Xiao; Elahi, Ehsan

doi:10.3390/su14063601

Cited by 14 publications

(10 citation statements)

References 40 publications

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“…We mainly adopted the OP method to calculate the TFP [41]. In addition, referring to Liu et al [42], we used the LP method in the subsequent robustness discussion for the regression after re-measuring the TFP of enterprises.…”

Section: Main Variables 421 Explained Variablementioning

confidence: 99%

Non-Financial Enterprises’ Shadow Banking Business and Total Factor Productivity of Enterprises

Yang

Shen

2022

Sustainability

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This study empirically analyzes the impact of the shadow banking business (SBB) of non-financial enterprises (non-FEs) on the total factor productivity (TFP) of enterprises using data concerning non-FEs listed in China’s A-share market from 2008 to 2019. The results show that non-FEs’ SBB has a significantly negative impact on their TFP, and for every 10% increase in the involvement of non-FEs in SBB, their TFP decreases by 4.22% on average. The negative effect is more significant in the period of loose monetary policy, lower industry competition, and non-state-owned enterprises. Alleviating financing constraints, reducing information asymmetry, and optimizing financial resource allocation may mitigate the negative effect. Our study reveals the mechanism by which non-FEs’ SBB inhibits their TFP. These findings enrich the theoretical research on the two, and provide empirical evidence to alleviate the “off real to virtual” of the economy and promote long-term, high-quality and sustainable economic development.

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Section: Main Variables 421 Explained Variablementioning

confidence: 99%

Non-Financial Enterprises’ Shadow Banking Business and Total Factor Productivity of Enterprises

Yang

Shen

2022

Sustainability

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“…Commonly used robustness testing methods include the instrumental variable method (Peng et al, 2020;Liu et al, 2022;Peng et al, 2022.;Zhao et al, 2022), variable lag, etc. At the same time, controlling individual effects of enterprises is also an important robustness testing method (Peng et al, 2021a;Peng et al, 2021c;Peng R. et al, 2021;Gu et al, 2021).…”

Section: Robustness Checkmentioning

confidence: 99%

Can Application of Artificial Intelligence in Enterprises Promote the Corporate Governance?

Cui

Razzaq

2022

Front. Environ. Sci.

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The impact of artificial intelligence (AI) on the economy and industry has gradually extended from the macroeconomic to the microeconomic level. Artificial intelligence technology has brought great innovation and impact to the company’s operation and management and has a strong role in promoting the level of corporate governance. Based on an in-depth analysis of the theoretical mechanism of artificial intelligence affecting corporate governance, and based on the balanced panel data of Chinese A-share listed companies from 2011 to 2020, this paper empirically analyzes the mechanism and intermediary effect of artificial intelligence affecting corporate governance. The study found that AI applications can significantly improve corporate governance levels, and a higher level of artificial intelligence application can produce a higher level of corporate governance. From the perspective of the impact path, artificial intelligence technology can significantly improve the degree of information symmetry required for corporate governance, thereby providing favorable technical conditions and decision support for improving the level of corporate governance. Artificial intelligence technology has a positive and effective impact on corporate governance through the information symmetry effect.

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“…On the one hand, enterprises obtain funds through deferred payment, advance collection and other ways to solve the problem of short-term capital shortage and reduce financing constraints. Thus, the efficiency of enterprise resource allocation can be improved (Elahi et al, 2018b) to promote the efficient investment (Tian, 2019;Liu et al, 2021;Elahi et al, 2022), and profitability and performance of system can be improved (Elahi et al, 2018a;Gao, 2019). On the other hand, the use of trade credit can add certainty to the inflow and outflow of cash.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Supply Chain Finance and the Sustainable Growth of Chinese Firms: The Moderating Effect of Digital Finance

Ting-hua

Liu

Elahi

et al. 2022

Front. Environ. Sci.

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Sustainable development is crucial to the survival and healthy development of enterprises, which is closely related to their financing situation. Supply chain finance is an effective way to improve and enhance the financing situation by easing financing constraints and reducing financing costs. As an important source of supply chain short-term financing, trade credit plays an important role in enterprise production and circulation. Taking Chinese listed companies from 2011 to 2020 as samples, this paper studied the impact of trade credit on sustainable growth and its internal mechanism. Furthermore, we analyzed the moderating effect of digital finance development on the influence of trade credit on sustainable growth. It is found that receiving trade credit benefited firms’ sustainable growth. Furthermore, study found that receiving trade credit has a greater positive impact on the sustainable growth of enterprises in regions with higher levels of financial development, high-tech industries, state-owned enterprises and small enterprises. Whereas, the provision of trade credit had an obvious inhibiting effect on the sustainable growth of enterprises in the regions with low level of financial development, non-high-tech industries, private enterprises and small enterprises. The results of the influencing mechanism showed that receiving trade credit promoted firm’s sustainable growth by “agency cost reducing effect,” while providing trade credit inhibited firm’s sustainable growth by “forcing effect.” In addition, the development of digital finance weakens the positive impact of trade credit financing on enterprises’ sustainable growth but strengthens the negative impact of providing trade credit on sustainable growth. From the perspective of sustainable growth, this paper explained the role of trade credit financing in alleviating the financing dilemma of enterprises, which is urgently needed by most emerging economies pursuing high-quality development. Therefore, in order to give full play to the role of trade credit financing, the government should actively create a good credit environment. At the same time, the government should vigorously develop digital finance to enhance its ability to serve the real economy.

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Cluster Commercial Credit and Total Factor Productivity of the Manufacturing Sector

Cited by 14 publications

References 40 publications

Non-Financial Enterprises’ Shadow Banking Business and Total Factor Productivity of Enterprises

Non-Financial Enterprises’ Shadow Banking Business and Total Factor Productivity of Enterprises

Can Application of Artificial Intelligence in Enterprises Promote the Corporate Governance?

Supply Chain Finance and the Sustainable Growth of Chinese Firms: The Moderating Effect of Digital Finance

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