Research on the Impact of Financial Misallocation on Enterprises' New Quality Productive Forces

Abstract

In the process of promoting Chinese - style modernization, the development of New Quality Productive Forces has become the key for enterprises to achieve the transformation of high - quality and sustainable development models. Based on the financial allocation theory, this paper systematically examines the inhibitory effect of Financial Misallocation on enterprises' New Quality Productive Forces and its action mechanism. The research shows that Financial Misallocation distorts the resource allocation of enterprises in the forms of over - supply and under - supply. Further analysis reveals that Financial Misallocation mainly hinders the development of New Quality Productive Forces through two paths: inhibiting R & D investment and distorting the human capital structure. The research suggests that at the macro level, it is necessary to improve the differentiated financial support system and enhance the accuracy of fund allocation; at the micro level, enterprises should optimize internal allocation and balance short - term operation and long - term innovation investment.