The Relationship Between Enterprise Life Cycle,Credit Resource Allocation And Enterprise Performance

Although the development of Chinese financial industry is being into the fast lane,because of asymmetric information between borrowers and lenders,it is easy to result in low efficiency of credit resource allocation,makes the problem of financing constraints is still inhibition of enterprise development,so how to solve the problem of financing constraints and promote enterprise better development has always been the hot spot of the academic field of research.Many scholars believe that banks allocate credit funds reasonably to the benefit of alleviating corporate financing constraints,which plays an important role in improving corporate governance efficiency and performance.However,development of enterprise is similar to the organism,during the different developmental stages its capital structure,organization form and development strategy have significant differences,and present different degree of financing constraints.Therefore,the influence between the allocation of credit resources and enterprise performance should be different at all stages of enterprise development.Based on the difference of enterprise operating conditions and financing constraints in different life cycle,the paper chooses from 2003 to 2015 Chinese listed companies as samples,by combining theoretical analysis with empirical research,and establishing multiple regression models,dynamically investigate the difference of credit resource allocation,and the change of the bank resources impact on corporate performance in different life cycle stage firms.The empirical results show that credit resource can alleviate corporate financing constraints and improve the performance of enterprises;The performance of enterprises in different life cycle stages is different,among which the performance in the growth and maturity periods is better and the performance in the recession period is worse;The enterprise is in different life cycle bank credit resource allocation has the difference;Credit funds increment of the enterprise in different life cycle phase impact on corporate performance is different: when the enterprise in the growth period,the bank loan increment,long-term borrowing increment and short-term borrowing increment can promote enterprise performance ascension;when the enterprise is in maturity,the bank borrowing and short-term borrowing increment can promote the enterprise's performance improvement.Through further in-depth analysis,it is found that,compared with large enterprises,the impact of different life cycle bank credit resource allocation on corporate performance is more obvious in small and medium-sized enterprises.Compared with state-owned enterprises,during different life cycle,the impact of difference in the allocation of credit resources on corporate performance is more obvious in non-state-owned enterprises.Therefore,from the perspective of enterprise itself characteristics--life cycle,analyze the relationship between bank credit resource allocation and the corporate performance in all domestic listed companies,it is important to further enrich the economic consequences study on the relationship between credit allocation of resources and the corporate performance.Moreover,it also is of great significance that improves the efficiency of financial institutions credit resources allocation and solves enterprise financing constraint problem.