Research of Microcosmic Affection Factors on Capital Misallocation: A Case of Chinese Listed Companies
Table 2
Statistical description of capital misallocation () in different industries.
Industry
Circulation
Petrochemical
Electron
Medicine and medical
Mechanical and electronic
Mining
Comprehensive
Mean
1.19
0.9
0.61
0.64
0.58
0.58
0.44
Median
0.4
0.48
0.36
0.24
0.2
0.32
0.01
Standard deviation
2.9
1.91
1.84
1.93
2.07
2.23
2.12
Minimum
−6.57
−6.43
−6.48
−5.94
−6.85
−6.93
−6.47
Maximum
7.82
5.82
5.19
6.94
6.77
6.68
7.31
Quartile 50%
0.4
0.48
0.36
0.24
0.2
0.32
0.01
Quartile 75%
2.33
1.84
1.52
1.48
1.43
1.7
1.36
Observations
788
1203
856
985
1321
627
1316
Note: to calculate capital misallocation, is weighted average of capital cost, is calculation result using financial pledgeability, and is (current assets − current liabilities)/(current liabilities)it.
