The Impact Of Financial Mismatch On The Inefficient Investment Of Enterprises

At present,our country’s economy is moving from a stage of high-speed growth to a stage of high-quality development,and finance and investment play crucial roles.In our country,the economic development is generally accompanied by a large number of financial mismatches.The mismatches between financial resources and the enterprise output efficiency will lead to the inefficient investment of enterprises,which is not conducive to the high-quality development of the national economy.If the allocation of financial resources deviates from the Pareto optimal allocation state,it will cause financial mismatches.The inefficient investment of enterprises can be manifested as over-investment and under-investment.The insufficient investment of enterprises with high output will restrict the development of enterprises,and the excessive investment of enterprises with low output will cause waste of resources.Among them,the financing structure,as the organic composition of the enterprise’s acquisition of financial resources,plays an important intermediary role between financial mismatches and the inefficiency investment of enterprises.Studying the impact of financial mismatches on the inefficient investment of enterprises and the transmission mechanism of financing structure in it can not only solve the problem of the inefficient investment of enterprises,but also provide reference for the financial supply-side structural reform.Therefore,this paper proposes a series of hypotheses by sorting out relevant literature and theories,using the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2020,and using a two-way fixed effect model to empirically test the relationship between financial mismatches and corporate inefficiency investment.It also analyzes the heterogeneity of property rights,institutional environment and scale.Finally,the intermediary variable of financing structure is added to analyze the relationship between financial mismatches and the inefficient investment of enterprises.The conclusion of this paper is:financial mismatches lead to a significant increase in the inefficient investment,the over-investment and the under-investment of Chinese enterprises.Compared with state-owned enterprises,financial mismatches lead to more serious inefficient investment of private enterprises,and financial mismatches lead to more serious over-investment and under-investment of private enterprises;compared with enterprises in regions with good institutional environment,financial mismatches lead to more serious inefficient investment of enterprises in regions with poor institutional environment,and financial mismatches lead to more serious over-investment and under-investment of enterprises in regions with poor institutional environment;in terms of scale nature,financial mismatches lead to more serious inefficient investment and over-investment of the large-scale enterprises,lead to more serious under-investment of the small-scale enterprises.This paper divides the financing structure into endogenous financing,debt financing and equity financing,and discusses the intermediary role of financing structure in financial mismatches and inefficient investment.Among them,endogenous financing plays a masking role in the impact of financial mismatches on inefficient investment and under-investment.The impact of debt financing plays a mediating role in the impact of financial mismatches on inefficient investment and over-investment,and it plays a masking role in the impact of financial mismatches on under-investment.Equity financing plays a mediating role in the impact of financial mismatches on under-investment.Finally,this paper has passed the robustness test,and put forward policy suggestions for restraining financial mismatches,alleviating the inefficient investment of enterprises,and promoting the smooth progress of the financial supply-side structural reform.