Study On The Effect Of Financial Resources Mismatch On The Capital Returns Of Telecommunication And Electronic Equipment Manufacturing Enterprises

Since the reform and opening up in 1978,China's economy has developed rapidly and achieved great achievements that have attracted worldwide attention.Relying on the massive investment of capital elements,China's economy has maintained rapid growth for more than 30 years.The characteristics of investment-driven economic growth are very obvious.After years of the rapid development,many hidden dangers are gradually exposed,problems such as resource mismatch are increasingly prominent,especially the mismatch of financial resources in the credit market.At present,China's economic growth model is shifting,the growth is slowing down,the rapid economic growth model that relied on investment-driven,export-led and demographic dividends as a powerful driving force in the past can no longer support China's economy to maintain the rapid growth,China is gradually turning to an intensive growth model that relies on transformation and upgrading,productivity improvement and innovation.In the shift period,the promotion of efficiency is undoubtedly the long-term driving force.To maintain sustainable growth,we need to expand investment,pay more attention to investment efficiency,optimize resource allocation,and increase the capital returns.As a capital-intensive,production-intensive,R&D-intensive industry,with state's strong supports,the telecommunication and electronic equipment manufacturing industry's industrial added value has been ranked first in the manufacturing industry in the past two decades,it has become the most influential industry,can produce huge radiation effects.Therefore,this paper studies the capital returns of telecommunication and electronic equipment manufacturing enterprises from the perspective of financial resources mismatch,reflects capital investment efficiency,in order to improve the allocation of financial resources,improve the capital returns of the industry,and then promote the steady and healthy development of the economy.This paper comprehensively combs and summarizes the relevant research at first.After analyzing the connotation and measurement methods of financial resources mismatch,the connotation,the measurement method and the influencing factors of capital returns,the relevant theoretical connotations are introduced.Then,analyzing the previous classic theoretical model of resource mismatch,making an adjustment,analyzing the impact of financial resources mismatch on capital returns,then proposing the hypothesis based on the theoretical model,after that,doing a realistic analysis of the mismatch of financial resources and the capital returns in telecommunication and electronic equipment manufacturing enterprises,conducting the empirical test and finding out the different impacts of the mismatch on capital returns between state-owned and private enterprises.Finally,summarizes and puts forward some countermeasures and suggestions to optimize financial resources allocation and improve the capital returns.The main conclusions are as follows:(1)The mismatch of financial resources faced by China's telecommunication and electronic equipment manufacturing enterprises relieved in individual years,but the mismatch exists continuously,and the overall situation is deepening,especially after 2008.(2)Compared with state-owned enterprises,private enterprises facing more serious financial resources mismatch.(3)The capital returns of private enterprises are higher than the state-owned,but the level of capital returns between private enterprises is quite different.(4)The effect of financial resources mismatch is different,for state-owned enterprises,the higher the mismatch,the lower the capital returns,for private enterprises,the effect is contrary.Under the equilibrium conditions,the higher the mismatch,state-owned enterprises possess large amount of capital,make a lot of repetitive and inefficient investment,resulting in a decline in the corporate return,private enterprises have difficult in financing,need to create higher returns to alleviate the pressure on funds,make up for the adverse effects of the mismatch.(5)The listed enterprises are more mature,have strong capital strength,though the financial resources mismatch still exists,the difference in ownership is more weakened.the influence of mismatch on capital returns has decreased.