Research On The Relationship Between The Mismatch Of Financial Resources And The Input And Output Efficiency Of Financial Resources Of Industrial Enterprise

The current domestic and foreign economic situation is complex,and China's economic reform has entered a deep water stage.For the first time,the central committee of the communist party of China(CPC)has put the deepening of financial supply-side reform at an extremely important position,calling for the enhancement of the capability of financial services to the real economy.Industrial companies are the backbone of the shift from the old to the new,and the financial sector pumps their blood.The circumstances of financial resources in the market increasingly affect the financing efficiency of enterprises.Whether the enterprise can obtain enough funds in the financial market to support its daily operation and investment activities is particularly important.However,due to government intervention,ownership discrimination,imperfect financial market and other factors,the external financial market environment is affected.Thus,The access of industrial enter:prises to financial resources is limited by the allocation of financial resources,which has an impact on the internal capital allocation and thus on the input-output efficiency of financial resources.At present,domestic literature mainly focus on the channels for enterprises to obtain financial resources,the internal allocation of financial resources,the production efficiency of financial resources,etc.,and the allocation of financial resources at the macro level.And there are few studies on a macro level of financial resources mismatch is how to affect the enterprise financial resources input and output efficiency.Hence it is necessary to make a further study.Based on this,this paper adopts the basic data of about 874 listed industrial enterprises from 2015 to 2017.Firstly,the three-stage DEA model of data envelopment analysis is used to measure the input-output efficiency of financial resources of industrial enterprises.Then we compare the efficiency changes before and after eliminating the influence of external environmental factors,and analyze the impact of three external environmental factors,namely government intervention,ownership discrimination and financial market development level,on the input-output efficiency of financial resources in industrial enterprises.Finally,the Tobit model is applied to conduct an in-depth analysis of the correlation between the input-output efficiency of financial resources and the three environmental factors affecting the allocation of financial resources.Through empirical results,we found that DEA effective enterprises account for a small proportion from 2015 to 2017,and the input-output efficiency of financial resources of listed industrial companies is generally low.with a large room for improvement.After eliminating the environmental factors that affect the allocation of financial resources,the number of enterprises with pure technical ef-ficiency increases significantly,and the input-output efficiency of financial resources of enterprises improves to some extent.Environmental factors have a negative influence on the input-output efficiency of financial resources in industrial enterprises.In addition,we found that the state-owned monopoly power and government intervention are negatively correlated with the input-output efficiency of financial resources of listed industrial enterprises in China,the development level of financial market is significantly positively correlated with the input-output efficiency.The influence of monopoly power of state-owned enterprises is significantly weaker than that of government intervention index,government intervention mainly influence the financial resources input and output efficiency of the enterprise.The study found that the development of financial markets is beneficial to enterprises to broaden the financing channels,reduce the asset-liability ratio,also help to reduce the financing costs of'enterprises:government intervention leads to higher financing costs f-or companies;the higher the proportion of state-owned assets,the more f'requent the commercial credit financing between enterprises,financialization exists in enterprises.