The Research Of The Financ Ial Support Efficiency Measure And Its Effecting Factors Of China's Strategic Emerging Industries

Report of the 19 th CPC National Congress clearly put forwa rd the proposal "accelerating the coordinated industrial system of the real economy,technological innovation,modern finance and human resources.Strengthening financial support for the development of strategic emerging industries is the key link to imple ment the requirements of "high quality development",to speed up the cult ivation of new growth points and to form new kinetic energy.The cult ivation and development of strategic emerging industries is a comprehensive systems engineering including financia l support,resources support,technical support and management support,and other support factors.As one of arteries of the modern economic development,finance plays a fundamental and core supporting role in the development of strategic emerging industries.Financial support is the basis for the prosperity and development of strategic emerging industries and the key to determine the degree of industrial prosperity.Based on the current situation of China's social and economic structure,this paper studies the effic iency and role of financial support in the process of industrial cultivation and industrial chain extension,and actively explores specific strategies and implementation paths to give full play to financial support.The research conclusions and suggestions will be of great theoretical and practical significance for promoting the cult ivation and development of China's strategic emerging industries,and further promoting the transformation and upgrading of social economy.This paper makes a systematic research on the financial support efficiency of strategic emerging industries,which includes theoretical basis,model building,empirical analysis and policy recommendations.In the theorical part,this paper firstly turns to summrise and sum up the characteristics of strategic emerging industries,to clarify the particularity of financia l support for strategic emerging industries.Compared with the the conventional mechanism of financial-support industrial upgrading,this paper deducts the mechanism of financial-support strategic emerging industries.Through the expanding analys is of financial support policy,systematic financial support,marketal financia l support and the conception of effeciency,the paper define the idea of financial support effic iency.Secondly,based on the "supply leading" and "demand following",two kinds of economic growth and financial development theory,this paper discusses the important role of financial guidance to the upgrading of industrial development,and expounds the f inancial support mechanis m from the points of capital formation,risk dispersion and incentive constrains.Finally,the paper combs the key internal and external factors that affect the efficiency of financia l support.Internal factors includs financing scale and capital cost,and the external factors mainly consist of the company structure,competition structure,ownership structure and capital structure.In the part of model building,the DEA method and Tobit model are combined to measure the support efficiency of financial input on sample companies of strategic emerging industries.The results of the financial support efficiency based on the DEA measure are the dependent variables of the Tobit model to analyze the influencing factors of the financial support effic iency of the strategic emerging industries.This part introduces the DEA model to measure the input-output index of financial support efficiency and the selection of the influencing factors of the Tobit model.As for empirical research,we firstly measure and analyze the financial support efficiency of strategic emerging industries based on the DEA model.Specifically,this paper measures the efficiency of financial support based o n spatial characteristics and temporal characteristicsn analysis of strategic emerging industries in the company;equities financing and debt financing in different ways under the financial support efficiency comparison;efficiency measurement results of strategic emerging industries listed companies in three different market board,small board and gem analysis and comparison in equity financing and debt financing under three sector financia l support efficiency;strategic emerging industries in energy saving and environmental protection,new generation information technology,biotechnology,high-end equipment manufacturing,new energy,new materials and new energy vehicles and other seven areas for efficiency measurement and analys is of financial support.The n,based on the Tobit model,the paper assumes and verifies the factors affecting the financial support efficiency of strategic emerging industries.The results show that the number of years and market competit ion is significantly positive for financial support efficiency,and corporate size and asset liability ratio are significantly negative for financial support efficiency,while ownership concentration and equit y balance have a positive impact on financial support efficiency.Based on the empir ical results,this paper holds a view that in order to improve the efficiency of financial support of strategic emerging industries in China,measures must be adopted inc luding the construction of the market and the government synergy financial support system and service system,policy to promote regional coordinated development and the matching strategy of financial support policies,improve the multi-level capital market system and the efficiency of equity financing promotion channels,innovative credit and bond business and promoting the opening of capital projects and foreign investment,and so on.