Impact Of Financing Constraints And Internal Capital Allocation On Production Efficiency Of Industrial Enterprises

Since the 20 th century,with the process of globalization speeding up,the industrial enterprises in China face a bigger international market and greater international enterprise competition.China's industrial enterprises to obtain better development,optimize the investment structure and improve the production efficiency is particularly important;At the same time in China's economic transformation and accelerate the process of marketization process,capital rationing of credit markets is increasingly affect the enterprise internal capital allocation situation,companies can get full funding of the allocation of resources in the credit markets and whether can rational allocation of exogenous money also is particularly important,at present due to the asymmetric information and bank credit quotas lead to domestic enterprises have some phenomena of financing constraints.It brings the certain effect to the enterprise internal capital allocation.At present,the study of the production efficiency is mainly aimed at product market environment and enterprise internal behavior,this on the one hand the influence of financing constraints on the production efficiency is not deep,analyzes the impact of financing constraints on the enterprise production efficiency mechanism,to explore how the financing constraints through internal capital allocation to influence enterprise production efficiency is particularly important to the development of the current industrial enterprise.Based on this,this paper adopts the basic data of about 220,000 industrial enterprises in the industrial enterprise database from 2005 to 2007.Firstly,the SBM model of data envelopment analysis is used to measure the production efficiency of industrial enterprises.Then,according to the measurement results,the regression model is constructed to analyze the influence mechanism of financing constraints on the production efficiency of industrial enterprises by considering the four internal capital allocation mechanisms of r&d,investment,export behavior and employee compensation.Finally,the author explains the influence mechanism of financing constraints on the production efficiency of industrial enterprises by means of subdividing industry,region and ownership.Through the empirical results,we find that 1996 to 2013 the production efficiency of Chinese industrial enterprises has decreased in recent years.The easy environment of credit market does not promote the improvement of industrial production efficiency,but the financing constraint will significantly improve the production efficiency of enterprises.That is to say,most enterprises have largefinancing problems.We also found that the external capital utilization degree of enterprises is relatively low.If enterprises can better utilize external capital and optimize capital allocation,they can improve the production efficiency of enterprises.We should expand investment in enterprise innovation,avoid blind investment,reduce export behavior,and improve employee compensation so as to better optimize the allocation of funds and improve the production efficiency of enterprises.Considering the different forms of enterprise ownership,regional and industry,the research finds that the financing constraint can best improve the production efficiency of state-owned enterprises.Compared with the improvement of production efficiency,it is more efficient for private enterprises to optimize capital allocation and enlarge their financing scale.In the western region,the problem of large financing scale and financing constraints can greatly improve the production efficiency of high polluting industries.