Research On Macro Policy Changes,Financial Resource Allocation And Corporate Performance

After years of financial crisis,China's economic stimulus policies have raised macro-leverage ratio,with micro-enterprises' debt ratio showing a trend of property rights differentiation.Private enterprises have assumed the heavier task of deleveraging and profitability loss.As China's economy enters the Three-phase Superimposition,China officially proposed deleveraging in 2015,but the debt ratio of private enterprises rose against the trend while the debt ratio of state-owned enterprises fell.In order to accurately deleverage and optimize the economic structure in China under the new normal,it is important to clarify whether the changes in macroeconomic policies before and after deleveraging have caused the disparity in the allocation of property rights of financial resources,and have a heterogeneous impact on corporate behavior.Based on the above background,this paper reviews the relevant domestic and foreign literature on economic policy,financial resource allocation,allocation efficiency,and performance.Based on the theoretical basis,this paper incorporates the phased changes of leverage policy into the analysis framework,and conducts a theoretical analysis on the impact of macro policies on financial resources allocation,the impact of financial resource allocation on enterprises allocation efficiency as well as performance,and the linkage mechanism of them all.The theoretical model is proposed and questions to be tested are raised.On this basis,this article uses the panel data of China's A-share manufacturing listed companies from 2007 to 2018 to conduct an empirical analysis of the inspection problems,and further examines macro policy changes,financial resource allocation and companies through indicator substitution and regional samples analysis.The research found that the effects of macroeconomic policies did not meet expectations,and the mismatch of financial resources after deleveraging exacerbated the negative impact on resource allocation efficiency and corporate performance.Specific conclusions are as follows:(1)After the deleveraging phase,the mismatch of financial resources in property rights has intensified,but state-owned enterprises are less affected by the negative effects of macroeconomic policy adjustments than private enterprises.(2)In the stage of deleveraging,mismatch in financial resources has strengthened its inhibitory effect on the efficiency of corporate resource allocation,and the efficiency difference between state-owned and private enterprises has widened.Positive fiscal and monetary policies are difficult to mitigate this effect.(3)The relationship between financial resources and corporate performance is an inverted Ushape.Deleveraging policies have a negative impact on corporate performance.Private enterprises are more likely to be under-allocated to inhibit performance,while stateowned enterprises are under-allocated to undermine performance.After deleveraging,the investment efficiency of enterprises declines and is mainly manifested as excessive investment,with the disorder of state-owned enterprises' investment being more serious than that of private enterprises.(4)There are regional differences in the impact of financial resource allocation on company performance,that is,the West has the highest dependence on financial resources with lower performance,the Yangtze River Delta and the East have higher utilization of resources with higher performance.Finally,on the basis of the research conclusions,this paper puts forward targeted policy recommendations in terms of macroeconomic policy formulation,corporate support,regional resource planning,etc.,in combination with the impact of financial resource allocation on the real economy under deleveraging circumstance.