Financial Mismatch,Ownership Structure And Investment Efficiency

For a long time,China's financial market is not perfect,high-quality financial resources do not necessarily invest in the high efficiency of the enterprise sector,China's financial resources allocation efficiency is also affected by the impact can not be optimal.At present,the financial system for the allocation of financial resources decision-making is not necessarily market-led,government intervention and other factors led to the different enterprises have different financing capacity.In recent years,China's economic development in the financial elements of the price distortion,structural money shortage and excess capacity caused by the academic community on this issue of financial resources mismatch concerns.Financial resources mismatch lead to different economic entities to obtain financing capacity differences,resulting in the investment efficiency of enterprises may deviate from the normal level.Under the background of this research,this paper elaborates the domestic and foreign research results of financial mismatch,ownership and investment efficiency.On the basis of previous studies,this paper first combs the concept of financial mismatch and investment efficiency.Based on the sample of 1786 companies of A-share listed companies from 2011 to 2015,the degree of financial mismatch and the investment efficiency are estimated.The results show that the degree of financial mismatch between our listed companies is different and the investment efficiency is low.In order to measure the relationship between financial mismatch,ownership structure and investment efficiency,this paper concludes by analyzing the empirical model.Our empirical results show that there is a significant positive correlation between the degree of financial mismatch and the deviation of investment efficiency.The higher the degree,the more likely to lead to overinvestment(underinvestment).And the ownership factor has a significant impact on the positive correlation,the investment efficiency of state-owned enterprises by the financial mismatch is greater than the degree of non-state-owned enterprises.Ownership factors play an important role in the process of financial mismatches affecting investment efficiency.We through different regions and different sectors of the group inspection found that this effect in the secondary industry listed companies and listed companies in the central region of the most obvious.It is worth noting that there is a negative correlation between the financial mismatch procedure and the investment efficiency in the sample of state-owned enterprises in the western region,which shows that the enterprises with low investment efficiency in the western region can obtain high-quality financial resources.This counter-The allocation of financial resources in the region is very low.