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

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  • Xing He
  • Mancang Wang
  • Ahmed Farouk

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.

Suggested Citation

  • Xing He & Mancang Wang & Ahmed Farouk, 2021. "Bond Financing, Research and Development Input, and Total Factor Productivity," Discrete Dynamics in Nature and Society, Hindawi, vol. 2021, pages 1-6, October.
    • Handle: RePEc:hin:jnddns:4243101
    DOI: 10.1155/2021/4243101
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