| Investment plays a two-way role in both supply and demand.Investment not only creates demand,stimulates consumption,but also promotes productive capacity.Since the reform and opening-up,the rapid growth of China economy has attracted worldwide attention,and investment has played an important role in it.However,the growth that relies on the "quantity" of investment without paying attention to "quality" is not sustainable,and the economic stimulus means of simply expanding the scale of investment can no longer sustain the high-speed growth of China.Low investment efficiency restricts the further development of the economy.Resource allocation is an important factor affecting investment efficiency.On the perspective of financing,the problem of "ownership discrimination" and "scale discrimination" in the financial resource allocation has led to the development of slow development of many highefficiency enterprises because of insufficient investment.On the other hand,the lowefficiency enterprises have obtained a lot of low-cost financial resources because of some non-market reasons.The non-efficiency of the financial resource allocation also affects the increase of the productivity,and finally influences firms' investment decision and the investment efficiency.In this paper,the relationship between the financial misallocation,the capacity utilization rate and the investment efficiency is discussed,and provide references for the structural reform of the supply side.Firstly,based on the neo-classical investment theory,this paper theoretically deduces the relationship among capacity utilization ratio,financial misallocation and investment efficiency under the unified theoretical framework.Combined with the existing research results and economic practice,the relevant research assumptions are put forward.At the same time,this paper uses the measure method proposed by Richardson to measure firms' investment efficiency in China,and compares it with the macro-investment efficiency.Then the paper analyzes the trend of the macro-and micro-investment efficiency in China in an all-round way.The focuses is on the temporal trend of investment efficiency and the performance of problems.Secondly,this paper constructs an empirical model to verify the theoretical derivation results,and uses the intermediary effect test to deeply analyze the influence mechanism and action path.The main conclusions are:(1)The financial misallocation is positively related to the efficiency of the investment,and the financial misallocation can not only lead to the problem of over-investment,but also can cause the problem of insufficient investment.(2)The utilization rate of capacity is positively correlated with the efficiency of investment,and the improvement of utilization ratio of capacity is beneficial to the improvement of investment efficiency.The improvement effect of capacity utilization rate on investment efficiency is mainly reflected in the governance of under-investment.Thirdly,this paper classifies listed companies according to the nature of ownership and the scale of enterprises,and studies the effects of financial misallocation and capacity utilization ratio on investment efficiency under ownership discrimination and scale discrimination.The empirical results show that:(1)under ownership discrimination,the investment behavior of state-owned enterprises is less constrained by the utilization ratio of production capacity,but in non-state-owned enterprises,the adjustment effect of utilization ratio of capacity on investment efficiency is more significant.Financial misallocation also damages the investment efficiency of nonstate-owned enterprises by hindering the increase of capacity utilization.(2)under the discrimination of scale,financial misallocation has a restraining effect on investment efficiency,both in large enterprises and in small and medium-sized enterprises.On the other hand,the utilization ratio of production capacity can improve the investment efficiency of large enterprises,and the financial misallocation will hinder the improvement of investment efficiency of large enterprises by restraining the increase of utilization ratio of production capacity.Finally,according to the empirical conclusions and the practice of China economic development,this paper puts forward some relevant policy suggestions to optimize the allocation of financial resources,such as promoting the process of marketization,deepening the structural reform of the financial supply side,resolving the overcapacity,and so on.These suggestions could provide policy reference for improving the level of capacity utilization and investment efficiency. |
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