Financial Asset Allocation Structure and Enterprirfrffzse Investment Efficiency: An Analysis Based on Industry Heterogeneity

Abstract

Under the background of digital transformation and supplyside reform, enterprises are facing increasingly severe challenges in asset allocation. Although the increase in the proportion of financial assets in non-financial enterprises helps to diversify risks, it is often associated with a decline in investment efficiency. Industry heterogeneity intensifies this issue: high-turnover industries such as technology can benefit from flexible allocation, while low-turnover industries such as real estate face the risk of idle resources. This study examines the impact of financial asset allocation structure on the investment efficiency of enterprises, with a particular focus on industry heterogeneity based on capital turnover efficiency. The research suggests that the optimal allocation can enhance the investment efficiency of high-turnover industries by diversifying risks and reducing reliance on cash, but it will inhibit the investment efficiency of low-turnover industries due to capital occupation and the phenomenon of moving away from the real economy and towards virtualization.Using the group regression method, industries were divided into two groups based on the median asset turnover rate. Through the fixed effect model, the long-term and short-term asset allocation ratios were regressed on efficiency proxy indicators such as Tobin’s Q and Return on Assets (ROA), while controlling for variables such as enterprise size and age. The research results support the dual heterogeneity effect: the short-term allocation in the high-turnover group has a positive impact, while the overall allocation in the low-turnover group has a negative impact.