Does the performance of financial policy improve the total factor productivity in the competition?——Empirical evidence from Chinese listed companies

Abstract

China's state-owned enterprises have obvious advantages in financing due to factors such as administrative industry monopoly and government subsidy bias, resulting in a significant imbalance between state-owned enterprises and private enterprises in the allocation of social capital in China. This study focused on the impact of resource allocation in the financial field on the total factor productivity of enterprises, and conducted an empirical analysis with the 2020 novel coronavirus outbreak as the critical public health event, and found that the competitive neutrality of financial policy had a significant positive effect on improving the total factor productivity of Chinese enterprises.