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Study on the effect of capital reallocation and dynamic characteristics of listed companies in China

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  • Zhefan Piao
  • Lunzhen Hu
  • Kun Yang
  • Wenyang Fang

Abstract

This 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.

Suggested Citation

  • Zhefan Piao & Lunzhen Hu & Kun Yang & Wenyang Fang, 2024. "Study on the effect of capital reallocation and dynamic characteristics of listed companies in China," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 31(5), pages 830-847, September.
    • Handle: RePEc:taf:raaexx:v:31:y:2024:i:5:p:830-847
    DOI: 10.1080/16081625.2023.2234385
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