A Research On The Characteristics And Influencing Factors Of Enterprise Capital Allocation Efficiency Based On The Non Equilibrium Index

Firstly,this paper makes a literature review on the capital allocation,and expounds the relationship between capital and economic development,the theory of capital allocation efficiency,and the research contents of capital allocation efficiency in different aspects.Was found in the capital allocation efficiency of research,scholars undue reliance Jeffrey Wulger modeling thought,though Jeffrey Wulger can specifically estimate the level of efficiency of capital allocation,but from the perspective of its main fixed asset investment analysis,the lack of a more comprehensive metrics.And domestic research,mostly from industry or regional level to study the factors affecting the efficiency of capital allocation,the lack of factors to explore from the enterprise,and the operating conditions and technical level of enterprise internal factors affect the efficiency of capital allocation is often the most critical factor.After the empirical study of the non equilibrium capital allocation efficiency,the paper draws the characteristics of the capital allocation of manufacturing listing Corporation:(1)The non equilibrium allocation efficiency of the manufacturing industry in 2007 and 2011,which is the lowest of the capital allocation efficiency.According to the expected income theory and the principle of profit of the capital, the investors’ return on investment is sticky, and the investors can adjust the capital investment according to the investment income of the last year.(2)In the comparison of the nonbalanced allocation efficiency,it is found that the efficiency of capital allocation is the highest in the industries of machinery manufacturing and petrochemical industries,such as the efficiency of capital allocation in the industries such as textile and manufacturing industries.(3)When comparing the efficiency of nonequilibrium capital allocation between state-owned enterprises and non-state-owned enterprises,it is found that the capital allocation efficiency of state-owned enterprises is relatively high.According to the relevant literature we learned that after the joint-stock reform of state-owned enterprises,he production efficiency of the state-owned enterprises is obviously improved,and there is a rising trend year by year.And state-owned enterprises in the monopoly industry has the absolute advantage in production and management.These factors promote the efficiency of capital allocation in the related industries.In this paper,the main conclusions of this paper are to study the impact factors on the non equilibrium capital allocation efficiency of the whole sample enterprises,state-owned enterprises and non state-owned enterprises followed:(1)Manufacturing enterprises are significantly influenced by the company’s operating efficiency,scale,development ability, operation ability,equity concentration and debt paying ability,which may be influenced by the capital structure,maturity and investment level.(2)The capital allocation efficiency of state-owned enterprises and non state-owned enterprises is influenced by the capital allocation efficiency,enterprise management efficiency,development ability,investment level and ownership concentration degree.(3)The capital allocation efficiency of the state-owned enterprises and the non state-owned enterprises is influenced by the capital structure,the maturity, the debt service ability,the industry and so on in different degree.The innovation of this research is mainly reflected in the following two aspects:(1)Based on the AOU(2005),Suli Yong Ouyang Lingnan(2009) and other scholars’ discrete method to measure the degree of efficiency of capital allocation based on the combination Ozlem Karsu,Alec Morton and other scholars of "non-equilibrium targets",the paper constructes unbalanced capital allocation model in line with the theoretical and practical.(2)On the basis of summarizing the previous studies,we find that most of the scholars have carried out the research on the capital allocation efficiency from the outside of the enterprise,but not deep into the enterprise,so this paper analyzes the influencing factors of capital allocation efficiency from the aspects of the company’s operating efficiency、scale、development ability、operation ability、the degree of equity concentration、debt paying ability、investment level、management maturity and equity concentration degree.