Abstract
This paper investigates the effects that credit constraints have on firms’ productivity. The FGLS and OLS estimations are employed as our analysis tool. Then we use the unbalanced panel data of SMEs and innovation-oriented firms listed in the board of Growth Enterprise Market of China from 2001 to 2016 as the validation. In our analysis, the ownership of firm is also taken into consideration. The empirical results show that credit constraints don’t have significant influence on productivity, while the effect actually exists when considering ownership.
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