Study On The Effect Of Financial Resources Mismatch On Firm Performance

Financial resources mismatch refers to financial resources not carried out in accordance with the efficiency of allocation,which makes financial resource configuration not achieve the optimal configuration state.Since establishing the market economy system in 1992,our country's achievement on economic growth has attracted worldwide attention.After the economy in our country experiences a long-term high growth,the macro environment is changing and economic development comes into a new normal state.Along with the deepening of the system's reform and the deepening of marketization,the economic system reform gets into much trouble.So optimizing the allocation of resources and improving efficiency of resource utilization become important ways to promote the transformation of the pattern of economic development.Finance is the core of modern economy and the financial resource is the most active factor of production in the market economy;which plays an important role in the process of economic development.Due to the large state-owned commercial banks in China as the leading factor of the financial system and non-market means financial resources allocation under the control of government intervention,the serious financial resources mismatch exists in our country.The mismatch of financial resources will seriously affect the performance of enterprises,and obvious effect on economic growth.And the impact of financial resources mismatch on the performance of enterprises can be more targeted to solve the problems faced by enterprises in the transformation and upgrading.Combining the theoretical analysis,practical analysis and empirical analysis,this paper studies the influence brought by financial resources mismatch on the business performance in listed companies in our country.First of all,review some related research literature.Secondly,elaborate the basic theory,focus on analyzing the causes of the financial resources mismatch,the measure methods,and the conduction mechanisms and theoretical models about the influence brought by financial resources mismatch on the business performance in listed companies in our country,which aims to lay a theoretical foundation for empirical analysis.Again,conclude the real state of our country under the condition of financial resources mismatch and analyze the major form and results of financial resources mismatch.Then,select samples and variable index to build multivariate linear regression model,use China's Shanghai and Shenzhen A-share listed companies' date from 2000 to 2015 to carry on the empirical analysis on the level of enterprise,employ fixed effect model to simulate the whole sample panel data regression,and analyze the relevance between financial resources mismatch and the corporate performance of listed companies in our country.And then,according to the classification of state-owned enterprises and private enterprises,group processing samples to study whether listed companies with different ownership under the condition of financial resources mismatch have different business performance effect.The practical analysis of the mismatch of China's financial resources shows that there are three main forms of financial resource mismatch in China:Financial resources are mismatched between the financial sector and the real economy,financial resources are mismatched between the state-owned enterprises and private enterprises,financial resources are mismatched between the excess capacity industries and the emerging industries.Specific performance for the financial resources in the financial sector,state-owned enterprises,overcapacity industry configuration over,in the real economy sector,private enterprises,emerging industry configuration inadequate.On the one hand,the excessive allocation of financial resources to the financial sector,state-owned enterprises,overcapacity industries,resulting in excess financial resources in these sectors,prone to excessive investment,resulting in waste of resources,low investment efficiency,and ultimately affect the level of business performance.On the other hand,the financial resources on the real economic sector,private enterprises,the lack of new industry configuration,cannot be a good support for the development of these enterprises,leading to these highly efficient corporate finance difficult,financing,and difficult to achieve development,and ultimately affect the level of business performance.The empirical analysis of the relationship between financial resource mismatch and enterprise performance,the following conclusions can be drawn.First,the mismatch of financial resources has a significant negative correlation relationship between enterprise performances,which means the higher degree of financial resources mismatch,the lower enterprise performance level of listed companies.Second,compared with state-owned enterprises and private enterprises,state-owned enterprises and private enterprises are in faced with negative correlation between corporate performance and financial resources mismatch.But under the same condition of financial resource wrong matching,the influences on state-owned enterprise performance level is bigger,which means state-owned enterprise performance levels will decline more.Finally,according to the results,the government leading financial resource allocation and the state-owned commercial banks in the use of financial resources resulted in serious financial resources mismatch,which has suppressed the promotion of corporate performance of listed companies in our country,and brought a great loss to the economic growth of our country.From the perspective of government,Banks and enterprises in view of the present financial resources mismatch problems and how to eliminate bad effects that financial resources mismatch has bought on enterprise performance,this article bear a large of practical implications.