References

qainar

Qainar Journal of Social Science

2958-72122958-7220

Q University

10.58732/2958-7212-2026-3-93-110

qainar-653

Research Article

Статьи

Неэффективное распределение капитала и финансовая несостоятельность: социальные последствия для китайских компаний

Capital Misallocation and Financial Distress: Social Implications for Chinese Firms

https://orcid.org/0009-0002-9286-9813

Сушан

Л.

Lan

PhD докторант

Алматы

Lan Sushan – PhD student

Almaty

scdxcd2008@126.com

https://orcid.org/0000-0002-7354-4506

Куанова

Л. А.

Kuanova

L. А.

PhD, и.о. доцента

Алматы

Laura A. Kuanova – PhD, acting associate professor

Almaty

kuanova.laura@kaznu.kz

https://orcid.org/0009-0008-9613-6346

Мардан

Б.

Maerdan

PhD докторант

Алматы

Bishala Maerdan – PhD student

Almaty

mardan.bissara@kaznu.edu.kz

Казахский национальный университет им. Аль-ФарабиКазахстанAl-Farabi Kazakh National UniversityKazakhstan

2026

06102026

5393110

2026

Сушан Л., Куанова Л.А., Мардан Б.

Lan S., Kuanova L.А., Maerdan B.

Данная работа распространяется под лицензией Creative Commons Attribution 4.0.

This work is licensed under a Creative Commons Attribution 4.0 License.

https://www.journal-kainar.kz/jour/article/view/653

Неэффективное распределение финансового капитала способно усиливать уязвимость компаний, ограничивая их финансовую устойчивость и создавая социальные последствия для заинтересованных сторон. Цель исследования заключается в изучении влияния неэффективного распределения капитала на финансовую несостоятельность китайских листинговых компаний за период 2010–2023 гг. и выявлении основных механизмов этой взаимосвязи. Эмпирический анализ основан на панельных данных китайских компаний, акции которых обращаются на рынке A-shares, за 2010–2023 гг. Исходные данные получены из базы CSMAR. Для оценки взаимосвязей применялись регрессионные модели с индивидуальными и временными фиксированными эффектами и робастными стандартными ошибками. Результаты показывают, что неэффективное распределение капитала статистически значимо повышает риск финансовой несостоятельности. Устойчивость результата подтверждается при использовании O-score (коэффициент 0.0410), включении показателя регионального финансового развития (−0.1189) и исключении наблюдений за 2019–2020 гг. Анализ механизмов показывает, что неэффективное распределение капитала снижает операционную рентабельность компаний (−0.0094) и одновременно увеличивает степень манипулирования финансовым рычагом (0.0423). Неэффективное распределение капитала сильнее повышает риск финансового дистресса среди не трудоинтенсивных компаний (−0.1379) и компаний конкурентных отраслей (−0.1196). Полученные результаты свидетельствуют о том, что повышение эффективности распределения финансовых ресурсов и ограничение избыточной долговой нагрузки могут способствовать снижению риска финансовой несостоятельности и укреплению устойчивости компаний.

Inefficient allocation of financial capital can increase the vulnerability of companies, limiting their financial stability and creating social consequences for stakeholders. The aim of this study is to examine how capital misallocation affects corporate financial distress among Chinese listed companies from 2010 to 2023 and to explore the underlying mechanisms of this relationship. The empirical analysis is based on panel data from Chinese companies whose shares are traded on the A-shares market for 2010-2023. The source data is obtained from the CSMAR database. Regression models with individual and temporary fixed effects and robust standard errors were used to evaluate the relationships. The results show that inefficient capital allocation significantly increases the risk of financial insolvency. The stability of the result is confirmed by using the O-score (0.0410), including the regional financial development indicator (-0.1189) and excluding observations for 2019-2020. An analysis of the mechanisms shows that inefficient capital allocation reduces the operating profitability of companies (-0.0094) and at the same time increases the degree of manipulation of financial leverage (0.0423). Inefficient capital allocation increases the risk of financial distress among nonlabor- intensive companies (-0.1379) and companies in competitive industries (-0.1196). The results show that improving the efficiency of financial resource allocation and limiting excessive debt burden can help reduce the risk of financial insolvency and strengthen the sustainability of companies.

капиталраспределение капиталафинансовый капиталфинансовая несостоятельностьсоциальная устойчивостьсоциальный рискКитай

СapitalCapital AllocationFinancial CapitalFinancial InsolvencySocial SustainabilitySocial RiskChina

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The authors declare that there are no conflicts of interest present.