Heterogeneity of Debt Sources and Firm Value: A Perspective Based on Capital Allocation Efficiency

This study adopts an analytical perspective centered on debt source heterogeneity, selecting Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2024 as the research sample. It systematically examines the impact of debt source heterogeneity on corporate value and its underlying mechanisms. Empirical results indicate that debt source heterogeneity exerts a significant positive effect on corporate value. In terms of mechanism pathways, this effect enhances capital allocation efficiency by alleviating financing constraints, reducing capital misallocation, and mitigating agency conflicts, thereby driving corporate value growth. Heterogeneity analysis further reveals that these effects are more pronounced in non-state-owned enterprises and smaller firms. This study provides new empirical evidence for understanding the economic consequences of debt source heterogeneity, offering important theoretical and practical implications for improving corporate debt governance structures and enhancing corporate value.