Research On Capital Allocation Efficiency And Coevolution Of Strategic Emerging Industries Based On Financing Ecology

With current market and capital constraints further strengthened,the development of strategic emerging industries has become a key factor in the economic competition in various countries.China regards strategic emerging industries as a major economic measure to break the resource constraints,break through the bottleneck of economic development and improve the optimization of industrial structure.The endogenous characteristics of strategic emerging industries,such as large financing demand,uncertain investment risk and long investment cycle,make the industry face financing difficulties,serious financing ecological constraints,and low efficiency of capital allocation.The optimization of capital allocation in strategic emerging industries is not carried out in isolation.In addition to the impact of its industrial endogenous characteristics,it is also closely related to economic development,market system reform,multi-channel financing development and technological innovation.Therefore,it is of great theoretical and practical significance to research the efficiency and coevolution of capital allocation in strategic emerging industries combined with financing ecology,to enhance the vitality of capital elements and promote the ecological allocation of industrial capital.The dissertation examines and inspects the financing ecology,capital allocation efficiency and collaborative evolution of strategic emerging industries based on the endogenous heterogeneity of financing behavior of strategic emerging industries,the constraints of external financing ecology,as well as the dynamic changes of industry.It is a deep and diversified systematic research on the ecological allocation behavior of strategic emerging industries.The paper focuses on the following aspects.(1)This paper studies the structure of financing ecosystem in strategic emerging industries.The multi-level financing ecosystem of enterprise-industry-market is constructed on the heterogeneous financing behavior different from traditional industries and ecological situation dependence of strategic emerging industries in China.We analyze the symbiotic fit between financing ecology and capital financing of strategic emerging industries and the flow and exchange of funds,materials,information and energy within the financing ecosystem.Then we refine the financing ecological factors and discuss the mechanism between the factors and the capital allocation efficiency of strategic emerging industries.(2)This paper studies the measure model and its application of financing niche in strategic emerging industries.Based on the analysis of financing ecological factors,a multi-level financing niche evaluation index system is designed,and the financing niche of strategic emerging enterprises,industries,markets and their ecological factors in 2010-2017 is measured based on projection pursuit method.The results show that there are different financing niche characteristics among the enterprises,industries and markets.(3)This paper proposes the measure model and its application of capital allocation efficiency in strategic emerging industries.In view of the defects of the general DEA model that ignores the external environment variables and the limitations of the low-stage DEA model,a modified six-stage SuperSBM DEA model is proposed.Combined with the dynamic mamlquist DEA model,we measure the static and dynamic efficiencies of capital allocation of strategic emerging industries during 2010-2017.The results show that both static and dynamic efficiencies fail to benefit from the improvement of the ecological factors of technological innovation and financial development,but the technological change is significantly affected by the ecological factors of technological innovation.(4)The paper proposes the coevolution model of financing ecology and capital allocation efficiency of strategic emerging industries and simulates.Aiming at the isolated research of financing ecology and industrial capital allocation efficiency,it employs the theory of coevolution system and the methods of system dynamics to carry out the fusion research by constructing the coevolution model of financing ecology and capital allocation efficiency in strategic emerging industries.We deduce the coevolution curve,and discuss the dynamic equilibrium time and conditions.Through simulating and case analyzing,it verifies the interaction coupling and the linkage effect of coevolution between multilevel financing ecology and capital allocation efficiency of strategic emerging industries in China.By breaking through the vision limitation of the traditional theory of capital allocation efficiency,the paper internalizes the financing ecosystem of strategic emerging industries into the research context of capital allocation efficiency.It outlines a relatively complete and clear path for the ecological collaborative improvement of capital allocation efficiency,and accordingly puts forward relevant policy suggestions.It is helpful to deepen the theoretical research on the financing ecosystem and the efficiency of industrial capital allocation,and provides valuable theoretical and practical reference for our government to optimize resource allocation and upgrading of industrial structure.