Study On The Impact Of Credit Resources Misallocation On Firm Performance In China

During the "14th Five-Year Plan" period,the developmental transformation with the supply-side reform as the main line,the optimization of resource element allocation as the center,and the real economy as the focus entered the deep water area.The main focus of financial reform is how to efficiently allocate financial resources to make the real economy ultimately benefit.Credit resources are the most active factor among various resources,how to use,control and guide the flow to the real economy is an urgent problem to be solved.From the macro level,the mismatch of credit resources intensifies the downward pressure on the economy and increases the instability of economic operation;from the micro level,it affects the production and operation efficiency of the main body of the enterprise and seriously affects the performance of enterprises.By studying the impact of credit resource misallocation of listed companies on corporate performance in my country,it further enriches the research connotation of resource misallocation theory in theory,and overcomes the defects of qualitative analysis of loan resource misallocation theory in the field of micro application.On the other hand,from the perspective of credit misallocation,the research on the comprehensive factors affecting corporate performance is also added.Taking a variety of heterogeneity reasons into consideration,and by analyzing listed companies with ownership,enterprise scale and regional differences,and studying the information transmission channels of loan resources to company performance,this paper proposes research on the mismatch of loan resources and its impact on company performance factors.The new perspective provides a theoretical basis for promoting the reform of the national financial system and mechanism and optimizing the allocation of loan resources.Analyzing the reasons in a practical sense,it puts forward policy opinions on optimizing the selection of loan resources.It has certain significance and value for the improvement and promotion of enterprise operation.The paper analyzes the transmission process and influence ways from credit resource mismatch to enterprise performance,and puts forward the different influence ways among enterprises of different ownerships,scales and regions.The research sample of empirical analysis are Shanghai and Shenzhen A-share listed companies from 2010 to 2019 in the Wind database,this paper compares them according to the differences in ownership,company size and geographical location.A subsample of firms is isolated.Then,according to the H&K model and Shao Ting’s proposed measurement method for the mismatch of financial resources,the method of gradually introducing control variables and observing the regression results is adopted.After introducing all six control variables,multiple regression is performed on all sample data.Then conduct regression research on the sub-samples of partial ownership,size and region,and compare whether there are differences in the regression results.The author’s research found that: First,credit resource misallocation has a significant negative correlation with company performance.Second,for companies with different ownership attributes,company sizes,and regions,the degree of credit resource misallocation has different impacts on performance.For companies with different ownership systems,the negative impact of credit mismatch on the performance of non-stateowned companies is particularly obvious.The negative impact of credit mismatch on medium and large companies is more obvious than that of small-scale companies.As for companies located in different regions,the negative impact of credit mismatch on companies in the central region is more significant than that in the eastern and western regions.Finally,this paper puts forward suggestions on optimizing my country’s resource allocation and improving enterprise performance from the government level,commercial bank level and enterprise level.