The Influence Of Shareholding Structure To The Allocation Of Credit Resources And Its Efficiency

As one of the most important factors that effete on the firm value, the investment isthe research focus in financial field. Under the background of that China is in a criticalperiod of economic reform, the scarcity of economic resource is particularly prominent,the high or low efficiency of resource allocation will undoubtedly produce a significantinfluence on the progress of China’s reform and development. Existing researches forthe problems about collocation of credit fund have a very objective research, but theway of credit support causes economic consequences with low efficiency, which leadsto low efficiency of state-owned enterprises is still lack of in-depth research. Comparedwith private enterprises state-owned enterprises have lower efficiency, which creditfunds put too much to the state-owned enterprises means the low efficiency of resourceallocation. Now that state-owned enterprises can get more loans, why firm value stillnot as good as private enterprise? Then which way cause the low efficiency ofstate-owned enterprises?Based on the above logic, this article uses the data of state-owned enterprises andprivate enterprises in Shanghai and Shenzhen stock exchange from2006-2011, and thepaper examines the relationship among shareholding structure, over-investment andfirm value through empirical test. From the view of financing, we firstly find thestate-owned enterprises are easier to obtain credit resources compared with privateenterprises for the reason of credit discrimination, and the more they get creditresources, the worse their firm values; and furthermore, from the view of investment wefind that the state-owned enterprises get more credit resources with more seriousover-investment, which reduces the firm value. Further, we classify samples tostate-owned enterprises; this paper found that state-owned enterprises controlled by thelocal government are more likely get credit resources than the state-owned enterprisescontrolled by the central government, and cause the results of over investment whichdecrease the value of the company at the same time. This paper also provide directionfor future research, there are so many factors which affect the efficiency of allocation ofcredit resources, too much policy burdens can also cause state-owned enterprise valuedecrease, such as employees to hire, etc.The research conclusion of this paper has profound significance to our countryfinancial system reform and the reform of state-owned enterprises. Not only state-owned enterprises strictly enforce access standards of investment project, such asland use, energy saving, environmental protection, security, to prevent blind investmentand repeated construction in order to improve the quality and efficiency of investment.But also guiding the folk capital joint restructuring and participate in the reform ofstate-owned enterprises, strengthening service, guide and standardize management ofprivate investment, which promote social investment stable growth and structuraloptimization.