Research On The Differential Impact Of Financial Resource Misallocation On Enterprise Performance

After China's economy experienced long-term high-speed growth,economic development entered a new normal.With the deepening of marketization and economic system reform entering a critical period,the Third Plenary Session of the 18 th CPC Central Committee was in the “CPC Central Committee's Decision on Comprehensively Deepening Major Issues Reform”.A new major theoretical conclusion was put forward: to make the market play a decisive role in resource allocation.But in fact,due to the return on investment in the real economy and the rapid rise in real estate prices,the real economy and financial business are becoming increasingly uncoordinated,and the differences between companies with different ownership systems and different regions are significant.On December 24,2018,Premier Li Keqiang chaired the State Council executive meeting to increase support for the private economy and small and medium-sized enterprises,enhance market vitality,and open market supervision.To support the development of SMEs,we must first ensure that the problem of access to financial resources by SMEs is improved.This proves that the Chinese government attaches great importance to the regulation of corporate financing.Therefore,it is imperative to study the differential impact of financial resources mismatching on corporate performance.Due to imperfect credit market,insufficient structural adjustment of monetary policy,bank's own operational defects and government preferences,financial resources deviate from market-oriented allocation,which has a serious negative impact on economic development and corporate performance.Enterprises with redundant financial resources can gain development advantages and continuously supplement the power supply for enterprise production and development.Enterprises with weaker access to financial resources will encounter huge capital bottlenecks in the development process and lead to insufficient stamina.Factors such as government preferences have different performances in different ownership systems and different regions,which leads to different mismatches in corporate financial resources.The discovery of differences and the adoption of targeted measures one by one are instructive for the formulation of China's macro and micro policies.On the basis of reading the literature,this paper uses the formula to derive the overall theoretical basis,and uses the asset price signal distortion theory,the financial resource agglomeration effect and the redistribution effect to obtain the differentiated influence path of different ownership and regional enterprises.This paper combines data with theoretical research to empirically analyze the degree of financial mismatch in listed companies in China.Using the 2007-2017 Wande database listed company as a research sample,the enterprise sub-samples were separated based on the ownership and the region,combined with the H&K model and the financial resource mismatch measurement method proposed by Shao Ting(2010),that is,the use of enterprise cost The degree of deviation of industry cost is used as an indicator.After constructing the model,regression analysis is carried out on the overall data,and the ownership and regional regression are divided,and the regression results are compared.The main conclusions of this paper are as follows: the mismatch of financial resources has a significant negative impact on corporate performance.There are differences between state-owned enterprises and non-state-owned enterprises.Although the mismatching of financial resources of private enterprises is higher than that of state-owned enterprises,the negative impact of the mismatch of state-owned enterprises' financial resources on corporate performance is greater;in the eastern,central and western regions,the central region The impact of resource mismatch on corporate performance is greater.Although state-owned enterprises obtain funds at an average financing price lower than the industry,their performance has not been improved accordingly;in contrast,private enterprises are facing a mismatch of positive financial resources,that is,the cost of obtaining financial resources is higher than the average financing cost of the industry,but Its impact on performance is improved through good management;due to geographical advantages and the agglomeration effect of financial resources in the eastern region,enterprises in the region can obtain funds at a lower cost,coupled with high-tech assistance,can obtain relatively high corporate performance.Enterprises in the western region rely on regional preferential policies to facilitate access to funds.Enterprises with good development in the Mainland may be transferred to the western region for the pursuit of tax incentives.Due to their good development,their performance is less affected by the mismatch of financial resources;Due to financial structure differences and other reasons,the central region can only seek high-priced financing channels.Most of the enterprises in the central region are still old industries,and the performance of enterprises is greatly affected by the mismatch of financial resources.Finally,this paper puts forward some suggestions for optimizing the resource allocation of China's economic transformation.Banks should promote the reform and development of capital markets and allow all enterprises to carry out equity financing.It is necessary for the government to gradually reduce administrative interventions,deepen financial industry reform,and make market rules and price mechanisms play a fundamental role in resource allocation.Maintaining total stability and promoting structural optimization;enterprises should improve the quality of information disclosure,improve credit quality,and diversify and expand financing channels.