A Study On The Situation And The Influencing Factors Of Chinese Enterprise Resource Curse

Since the very beginning, resources are the foundation of the survival of human society. It is also the dominant part of national wealth, which plays a decisive role in economy development. In the process of historical development, Resource endowments has been to put to economically productive activities as factors of production, playing a positive role to promote economic development of the whole society. However, in the late 20 th century. the relationship between resource endowments and economic development has been subversive changed. In 1993, Auty first proposed he concept of “Resource Curve” in the study of mineral states’ economic development, which is abundant nature resources may be a curse to their economic development instead of a bless. The excessive reliance on certain relatively rich resources may lead to a lower economic growth than countries have resources scarcity. After nearly half a century of continuous exploration of “Resource Curve” by using both theoretical knowledge and empirical methods, Experts and scholars from home and abroad have fruitful results for the allocation of social resources, the resource endowment and transmission mechanism of resource curse. But some short comings still exist.On the basis of the previous theoretical research, which including resources endowments theory, resources curse theory, the transmission mechanism of resources curse and etc., this paper is trying to perform Empirical Analysis on the impacts of different types of resources to their business performance for f China’s listed companies. Inconsideration of the specialty of some industry and some missing data, 767 SMEs board listed companies and 484 companies listed on GEM from 2008 to 2014 are selected as the sample data. There are three research stages. Firstly, build innovation performance model for listed companies, referred to the research of Vassalou and Apedjinou(2004), to filtrate listed companies by their performances. Secondly, build the resources curse transmission mechanism model, to perform an empirical analysis on the impacts of financial resources, physical resources, innovation, profitability and other resources to the Performance of Listed Companies. This step is based on the ideas of Nancy K. Napier(2013). Thirdly, interpret the result of empirical analysis to analysis the existence of resources curse and transmission mechanism in China. Specific to some questions, some advices and solutions are also been given for consideration.The existence of resources curse in the SMEs board and GEM listed companies has been proved in this paper, but different types of resources have different impact to their performances. In terms of capital resources, Equity(owner’s equity) and debt(long-term borrowings and short-term borrowings) has weak relationships to the performances of listed companies. In term of physical resources, fixed assets and fixed asset investment ratio have distinct resource curse. In terms of innovation capabilities, no resource curses have been found. For earning capacity, instead of resources curse, it has a significant positive correlation to the performance of listed companies. As for other resources, liquidity ratio has been proved to as one kind of resource cures, but no correlation has been found to intangible assets ratio.Theoretically, based on previous research on resource curse and its transmission mechanism, a innovative performance evaluation standard for listed companies has been built to measure the resource curse of listed companies and this standard could analyze resource curse in terms of different resource types. Practically, it has been proved that resource curse mostly founded in the developing countries, especially on the period of prosperous resource-oriented development, which is exactly where China stands at the moment. In the background of emphasis on sustainable economic development, the research of resources curse has become more important than ever before, which could give a meaningful guidance for China’s economic development. The study of the impact of Different resource types to companies’ growth could help companies to optimize its resource allocation. Also, the companies should increase its efficiency of resource use by technical innovation to make sure the limited resources could fulfill the requirements of sustainable rapid development of the companies.