本文使用台灣上市上櫃公司2003~2018年的製造業廠商資料，探討財務限制對廠商生產力的影響。選擇台灣上市上櫃公司作為研究對象的主因為有較完整的財務資訊揭露。實證結果顯示，當廠商本身現金流量愈高及融資限制越低（財務槓桿比率相對舉債融資能力可能越高）時，其生產力較高。其他廠商特性方面，廠商規模越大及年齡越高，會使得廠商的總要素生產力提高，生產力受廠商資金可用性及經營優勢有積極正向影響。最後，經過廠商財務因素與廠商特徵(規模及年齡)交乘項的實證結果，發現廠商的財務因素在廠商規模越大及生存期間越短的情況下，廠商的總要素生產力也就會提高，本文除了使用OLS模型來估計外，也採用Panel Data模型，而實證結果顯示，財務因素在不考慮與廠商規模及年齡的間接效果下，對總要素生產力的影響呈現一致的結果。因此藉由探討財務因素如何影響總要素生產力，透過總要素生產力的增加帶動國家的產業動能，進而提升國家的經濟成長，增加社會福利。

The purpose of this study is aimed to examine the effect of financial constraints on the productivity of the firms.Because of more complete information exposed,this study applies the manufacturer’s firm-level data of Taiwanese manufacturing listed and OTC companies from 2003 to 2018 in the Taiwan Economy Journal.The empirical result shows that cash flow has positive impact on productivity；however,financial restriction has negative influence on it.As for the firm features,the result also suggests that firm size and firm age will increase total factor productivity.Furthermore,the productivity of firm is also affected by liquidity of fund and competitive advantages significantly.Lastly,by inputting the interaction terms of financial factor and firm characteristic(firm size and firm age) respectively,the result investigates that both interaction terms positively affect total factor productivity.This paper conducts OLS model and Fixed effect model,and the financial factors have similar impact on the productivity.This paper explores how financial factors impact on the total factor productivity. Consequently, the growth of productivity couldimprove industry momentum, and even enhance the economic growth rate and social welfare indirectly.

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