The effect of asset structure mismatch on the high quality development of enterprises — The mediation effect of technological innovation and financing constraints

The high-quality development of enterprises is the micro foundation for the high-quality development of China’s economy, and high-quality development of enterprises requires high-quality asset structure allocation. Based on the data of A-share listed companies from 2010 to 2020, this paper studies the impact of corporate asset structure mismatch on the high-quality development of enterprises, and tests the mediation effect of technological innovation and financing constraints between them. Research has found that asset structure mismatch significantly hinders the high-quality development of enterprises. In terms of mechanism, technological innovation has played a significant part of the mediation effect, and asset structure mismatch has hindered the high-quality development of enterprises by weakening their technological innovation capabilities; Financing constraints have a masking effect, and asset structure mismatch further hinders the high-quality development of enterprises by exacerbating financing constraints. The above conclusions are still valid after the robustness test. Further research shows that, except for accounts receivable, asset mismatches of various types are generally not conducive to high-quality development of enterprises, and the impact of asset structure mismatches on different dimensions of high-quality development of enterprises varies. Moreover, the negative impact of asset structure mismatch on the high-quality development of enterprises is significant in state-owned and non-state-owned enterprises, large-scale and small-scale enterprises, enterprises in the eastern and central western regions, and enterprises with low R&D intensity, but not significant in enterprises with high R&D intensity. The research conclusion can provide reference for effectively alleviating asset structure mismatch, optimizing strategic deployment, enhancing technological innovation level, improving financing constraints, and promoting high-quality development of enterprises. © 2023 Systems Engineering Society of China. All rights reserved.