| Autor: |
Piao, Zhefan, Hu, Lunzhen, Yang, Kun, Fang, Wenyang |
| Zdroj: |
Asia-Pacific Journal of Accounting & Economics; September 2024, Vol. 31 Issue: 5 p830-847, 18p |
| Abstrakt: |
ABSTRACTThis study investigates the capital reallocation effect and its dynamic characteristics in China. A theoretical model was constructed to measure the capital reallocation effect based on the transmission logic framework of resource misallocation – resource reallocation – total factor productivity (TFP). Our empirical results show that capital reallocation of listed companies negatively deviated from zero with prevalent capital misallocation. In addition, the correct allocation of capital does not always correspond to an increase in economic efficiency. We also find evidence that the effect of capital reallocation varies with the nature, scale and industry of companies. |
| Databáze: |
Supplemental Index |
| Externí odkaz: |
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