A Research On Capital Allocation Efficiency Of China's Enterprises Based On The Panel Data

The significant influence produced by the attacking of financial storm on Chinese enterprise, reflects the defects in the economic development of China. How to guide and optimize the allocation of capital in state-owned enterprises, private enterprises and foreign enterprises, improve investment quality and level, promote the upgrading of industrial structure has become an important subject in China's economic development. Therefore, this article takes three kinds of economic type enterprise mainly in the market economy as research object, which including state-owned enterprises, private enterprises and foreign enterprises, and takes Wurgler's (2000) classical model in capital allocation efficiency as the foundation. This paper studies the three economic type enterprise'capital allocation efficiency of overall situation, quarterly efficiency changing trends and industry efficiency difference in 2003 to 2008 years, and analyzes the key factors of each type enterprise that may affect the industry capital allocation efficiency.Research results show that foreign-capital enterprise's capital allocation efficiency is highest, its high-efficiency industry mainly focused on capital-and-technology-intensive industries, its investment place more emphasis on profitability. The private enterprise capital allocation efficiency is lower than foreign-capital enterprise; quarterly efficiency fluctuation is biggest; its high-efficiency industry is more dispersed; its investment place more emphasis on industry's growth. State-owned enterprise's capital allocation efficiency is the lowest, but in the long term it is more stable, State-owned enterprises are mainly concentrated in efficient industry resources intensive and special equipment manufacturing industry, Enterprise efficiency and sales net interest rate negatively correlated. In addition, private and foreign capital enterprise efficiency and asset-liability ratio are positive correlation.Therefore, this article put forward the following suggestions: It's needed to strengthen the optimal allocation of capital in state-owned monopoly industries, and enhance the competitiveness of the foundation weak industry. It's also necessary to relax restrictions for private enterprises, provide ideas for a private enterprise's bigger and stronger by the guide in technology, management, finance, taxes, and promote the rectification of private enterprise at the Low-end industry. What's more, optimizing the structure of foreign investment is also needed. Through the coordinated development and structural adjustment of state-owned enterprises, private enterprises and foreign enterprises, and achieve the purposes to promoting the optimization and upgrading of industrial structure eventually.