Bond Financing, Research and Development Input, and Total Factor Productivity

Xing He, Mancang Wang and Ahmed Farouk

Discrete Dynamics in Nature and Society, 2021, vol. 2021, 1-6

Abstract: From the angle of research and development (R&D) input, this paper analyzes how bond financing affects corporate total factor productivity (TFP). Based on the 2007–2019 data on listed enterprises, the influence and action mechanism of bond financing on corporate TFP were empirically examined. The results show that bond financing significantly boosts corporate TFP. The mechanism analysis reveals that bond financing promotes TFP by stimulating corporate R&D input. The research sheds new light on the relationship between finance and TFP from the perspective of bond financing and provides a reference for policymakers to boost corporate TFP by promoting bond financing.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnddns:4243101

DOI: 10.1155/2021/4243101

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