Research On The Impact Of Financial Correlation On Enterprise Performance

In recent years,China's economic situation is changing,the market competition is more intense,which is a major challenge for enterprises in the development stage.At present,when the market mechanism needs to be further improved,the combination of formal system and informal system plays an increasingly important role in improving the competitiveness of enterprises.Financial correlation,as an informal system,is the supporting force for enterprises? performance improvement under the current new economic situation.Enterprise's investment and financing are two major links of capital operation: enterprises need not only timely and sufficient financing,but also accurate and effective investment.Existing studies mainly focus on the impact of financial correlations on investment efficiency and financing constraint from the perspective of financial correlation.However,from the perspective of investment efficiency and financing constraints,research on the impact of financial correlation on enterprise performance is relatively lacking.This paper follows the logic thinking of "characteristics-behavior-result" and conducts research based on the information asymmetry theory,credit rationing theory,social capital theory and system theory.We select the a-share listed non-financial companies as samples,using the mediation effect model,empirically the associated directly impact on the business performance.Besides,this article also studies the mediating effect between investment efficiency and financing constraint.The main findings are as follows:in terms of direct impact,financial correlation has a direct positive impact on enterprise performance,which is more significant in private enterprises.In terms of indirect impact,investment efficiency and financing constraint play a part of mediating role in the impact of financial correlation on enterprise performance.This paper introduces the nature of property right into the research framework and studies the direct impact of financial correlations on enterprise performance from the two dimensions of state-owned and private enterprises.When studying the mediating effect of investment efficiency and financing constraint,the paper explains the mechanism of action between the four and elaborates the research content,so as to provide theoretical reference and model reference for Chinese enterprises to improve their performance.Finally,relevant policy suggestions are put forward and the deficiencies of the paper are summarized for continuous improvement in the follow-up research.