The improvement of total factor productivity(TFP)of enterprises is crucial for their transformation,upgra-ding,and sustainable economic development.This article selects panel data of A-share listed companies from 2018 to 2022,and conducts a comprehensive analysis of the impact of debt financing on total factor productivity based on the het-erogeneous debt hypothesis.At the same time,the mediating and moderating effects of innovation investment and govern-ment subsidies are observed.Research has found that debt financing has a positive impact on total factor productivity of enterprises,with relational debt financing playing a significant promoting role and transactional debt financing showing a inhibitory effect;Innovation investment has a significant mediating effect in the transmission path of debt financing on to-tal factor productivity of enterprises;Government subsidies have an inverted U-shaped moderating effect on the relation-ship between innovation investment and total factor productivity of enterprises,and this positive moderating effect is weakened when the intensity of government subsidies exceeds a certain value.In the new era,to promote the improve-ment of total factor productivity of enterprises and accelerate their transformation and upgrading,it is necessary to broad-en the channels for enterprise debt financing,especially to play a good leading role of the government.
; 宋亚枫
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