Abstract
Based on a large sample of industrial enterprises panel data, this paper statistical analyzes Chinese enterprises of different ownership type get bank loans, then use Heckman two-phase model to control problem of sample selection bias, empirically analyze the relationship between bank loan and the enterprise productivity, the study found that: whether state-owned enterprises or private enterprises, bank loans obtained significantly promoted the enterprise productivity. However, from the perspective of the contribution of financing to efficiency improvement, the efficiency improvement of state-owned enterprises mainly comes from bank loans, while private enterprises mainly come from their own internal funds. In addition, we also found that bank loans are typically mismatched in resources, and bank loans tend to flow to companies with poor internal funds in state-owned enterprises.
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