Капиталды тиімсіз бөлу және қаржылық төлем қабілетсіздігі: қытайлық компаниялар үшін әлеуметтік салдары

Қаржылық капиталды тиімсіз бөлу компаниялардың қаржылық тұрақтылығын шектей отырып және мүдделі тараптар үшін әлеуметтік салдарлар туындата отырып, олардың осалдығын күшейтуі мүмкін. Зерттеудің мақсаты 2010–2023 жылдар аралығындағы Қытайдың листингтік компанияларында капиталды тиімсіз бөлудің қаржылық дәрменсіздікке әсерін зерттеу және осы өзара байланыстың негізгі тетіктерін анықтау болып табылады. Эмпирикалық талдау 2010–2023 жылдар аралығындағы акциялары A-shares нарығында айналыстағы Қытай компанияларының панельдік деректеріне негізделген. Бастапқы деректер CSMAR дерекқорынан алынған. Өзара байланыстарды бағалау үшін жеке және уақыттық тіркелген әсерлері және робасты стандартты қателері бар регрессиялық модельдер қолданылды. Нәтижелер капиталды тиімсіз бөлудің қаржылық дәрменсіздік тәуекелін статистикалық тұрғыдан мәнді түрде арттыратынын көрсетеді. Нәтиженің тұрақтылығы O-score көрсеткішін қолдану (коэффициенті 0.0410), өңірлік қаржылық даму көрсеткішін енгізу (−0.1189) және 2019–2020 жылдардағы бақылауларды алып тастау арқылы расталады. Тетіктерді талдау капиталды тиімсіз бөлудің компаниялардың операциялық рентабельділігін төмендететінін (−0.0094) және сонымен қатар қаржылық левереджді манипуляциялау дәрежесін арттыратынын (0.0423) көрсетеді. Капиталды тиімсіз бөлу еңбекті көп қажет етпейтін компаниялар (−0.1379) мен бәсекелес салалардағы компаниялар (−0.1196) арасында қаржылық дистресс тәуекелін анағұрлым күштірек арттырады. Алынған нәтижелер қаржылық ресурстарды бөлу тиімділігін арттыру және шамадан тыс борыштық жүктемені шектеу қаржылық дәрменсіздік тәуекелін төмендетуге және компаниялардың тұрақтылығын нығайтуға ықпал етуі мүмкін екенін көрсетеді.

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