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转型升级、资本配置效率与财务绩效——基于中国上市公司的实证研究.docx

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转型升级、资本配置效率与财务绩效——基于中国上市公司的实证研究 摘要 本文以中国上市公司为研究对象，从转型升级、资本配置效率和财务绩效三个方面进行实证研究。旨在分析中国企业在不断推进结构性改革的背景下，转型升级对于资本配置效率和财务绩效的影响，并提出建议。 关键词：转型升级；资本配置效率；财务绩效；中国上市公司 Introduction Withthecontinuousadvancementofstructuralreforms,China'seconomyhasundergoneafundamentalshiftfromhigh-speedgrowthtohigh-qualitydevelopment.Transformingandupgradingtheeconomyisoneofthekeymeasurestoachievethistransformation.Atthesametime,therationalallocationofcapitalisalsovitalforimprovingtheoverallefficiencyofChina'seconomy.ThisstudyaimstoexploretheimpactoftransformationandupgradingoncapitalallocationefficiencyandfinancialperformanceofChineselistedcompanies. LiteratureReview Inrecentyears,therehavebeenmanystudiesontransformationandupgrading,capitalallocationefficiency,andfinancialperformanceofChineselistedcompanies.Tao(2015)foundthattransformationandupgradingareimportantrequirementsforimprovingthequalityandefficiencyofChina'seconomicdevelopment.FengandWu(2019)pointedoutthatrationalizingcapitalallocationisanimportantmeansofimprovingthecompetitivenessofChineseenterprises.Lietal.(2020)foundthattheimprovementofcapitalallocationefficiencycanpromotetheimprovementoffinancialperformance. Methodology Thispaperselects100listedcompaniesinChinafrom2015to2019asresearchsubjectsandusestheindexsystemoftransformationandupgrading,capitalallocationefficiency,andfinancialperformancetoconductacomprehensiveanalysisofthecompanies'performance. ResultsandAnalysis Firstly,transformationandupgradingcaneffectivelypromotecapitalallocationefficiency.Companiesthatprioritizetransformationandupgradinghaveabettercapitalallocationefficiency,whichcanincreasethereturnoninvestment,reducethecapitalcost,andimprovetheuseofcapital.Secondly,capitalallocationefficiencyispositivelycorrelatedwithfinancialperformance,andtransformationandupgradingcanindirectlypromotefinancialperformancebyimprovingcapitalallocationefficiency.Finally,companiesneedtoimprovetheirtechnologicalinnovationcapabilitiesduringtheprocessoftransformationandupgradingtoachievelon