The Research Between Financial Misallocation And Technical Progress Based On The Panel Data Of The Listed Company Of All The Three Industries

With the deepening of system reform and marketization.our country has experienced a golden age with remarkable economic high-speed development,But at this stage,China's economic growth mainly depends on high investment of extensive development model,and in the current Chinese economy under the background of "new normal" extensive mode of economic development can't satisfy the sustainable development of economy.So we turned to another channel of economic growth:through the improvement of the allocation of resources to realize the economic growth.There are two main ways to improve efficiency of resource utilization,on one hand,rely on the productivity level of ascension;On the other hand by the optimal allocation of resources and make resources configuration is close to the optimal level of Pareto.But in the short term,the level of productivity change is limited,make technological progress effect is difficult.To make more optimal allocation of resources,by contrast,is a more reasonable way to improve the level of productivity,is also a deep understanding of sustainable development,the search for the next step in our country economic development momentum.Based on China's a-share listed companies from 2009 to 2014 financial statements data,and the micro level 16 secondary and tertiary industrial sectors and industry data,the empirical study on financial mismatch and the quantitative relationship between technological progress effect,from the micro level of technological progress to find financial mismatch affects economic growth mechanism.First,this paper build a theoretical model of enterprise's technological progress and the relationship between the financial mismatch,from the perspective of financial mismatch reviewing different industries,different regions and the technological progress of difference between enterprises of different ownership types.Second,based on a CD(Cobb-Douglas)production function,using the method of OLS,OP half parameter estimation can be on behalf of the enterprise production efficiency of technological progress effect,effectively solve the endogenous and sample error problem in traditional measure.Second,according to the historical data to construct the enterprise financial statements on behalf of the enterprise financial index of degree of mismatch.Third,choose industry regional and ownership factors as virtual variables of the model,verify financial mismatch and the number of relations between technological progress effect.Studies have found that technological progress effect are in decline in the sample range except the lease and business service industry.which are consistent with economic growth trend,leasing and business services,real estate industry and construction industry technology progress effect are in the leading position in three industry,and this explosive growth has certain relation with the domestic real estate market.Overall technological progress effects in eastern regions are higher than the central regions and the central regions are higher than the western regions,which are related to regional economic development.Agriculture,forestry and fishing industry technology progress effect is higher than information technology industry,if consider financial mismatch factor,the information technology industry technology progress effect is higher than agriculture,forestry and fishing industry,so the influence on the traditional industry is bigger than the emerging industry,an alternative explanation for the emerging industry mainly concentrated in the eastern region,and financial mismatch in the eastern region may promote technology progress effect to some extent.Within industries,regardless of the ownership financial mismatch,the private enterprise of technological progress effect is higher than state-owned enterprises,after joining ownership financial mismatch factor,private technological progress effect significantly lower than that of state-owned enterprises,so the technical progress of state-owned enterprises are higher than private enterprises.The added value of the national economy may grow about 1.518%in 2014,if the lower financial mismatch degree of private enterprise,the private enterprise shall enjoy the same cost of capital of state-owned enterprises and convenient degree.