Research On The Impact Of Financial Resource Mismatch On The Performance Of Listed Companies

After the reform and opening up,new problems have emerged in China's economy.That is the mismatch of financial resources,which has caused everyone's great attention.Therefore,under this trend,the financial bubble has emerged as a result,the efficiency of resource allocation,and assets.The rate of return has fallen a lot.The capital structure of an enterprise can be affected and threatened very severely.In addition,the speed of economic growth and structural adjustment have inevitable effects.This will affect the performance of listed companies.Therefore,the misallocation of financial resources has also become one of the hot topics for the academic community and all sectors of society.Because the rational allocation of financial resources is an important prerequisite for achieving economic growth and promoting corporate performance.Therefore,the purpose of this paper is to explore the impact of mismatched financial resources on corporate performance and the degree of impact on ownership,regional,and industry differences.The full text is divided into five parts to describe.The first part is the introduction.It begins with the introduction of the research background,the significance,and the purpose of the study.It then studies relevant references and summarizes them.Then introduce the research ideas,followed by the research innovation and the existence of features.The second part introduces relevant concepts and discusses in depth the mechanism of mismatching of financial resources and the process of conducting performance of listed companies.At the same time,it elaborates on the measurement methods of financial resources mismatch and listed company performance.It is mainly to lay the theoretical foundation for the model and the empirical part.The third part is theoretical analysis and research hypothesis.Introduce the current situation of financial resources mismatch of A-share listed companies in China's Shanghai and Shenzhen stock markets.Through the induction of the first chapter of the literature,there are further theoretical analysis.The research hypothesis of this article is naturally proposed.The fourth part is the most important empirical analysis.It is also to establish an appropriate model by sorting out the existing results.This article adopts China's Shanghai and Shenzhen A-share listed companies,and data from 2008 to 2016 are used as research samples to explore the relationship between them.The first empirical step is to do descriptive statistics,Pearson and Spearman correlation coefficient analysis and OLS regression analysis.At the same time,considering that there are differences in ownership,regional differences,and industry differences,the impact of mismatching financial resources on firm performance is also not the same.Therefore,for the thoroughness of the discussion,the data is divided into state-owned and non-state-owned,eastern and central western regions.Regional,regulatory and non-regulated industries.Regressively according to different standards.Finally,a robustness test was also performed,mainly to verify the existing results once again.Then it proposes policy suggestions based on the existing problems,and then puts forward the prospects for possible future research directions.The results show that:1.In the whole sample,it shows that the financial resources mismatch has a negative impact on the enterprise performance,that is,the higher the financial resources mismatch,the lower the enterprise performance.2.Next,we examine the relationship between the mismatch of financial resources and the performance of financial resources in different ownership,different regions and different industries,and further divide the sample enterprises into state-owned listed companies and non-state-owned listed companies,Eastern and central and western regions,and control and unregulated industries.The results show that,in the case of different ownership,region and industry,financial resource mismatch has a greater impact on the performance of state-owned enterprises,East and West and control industries.This result is consistent with the research hypothesis proposed in this paper.