Research On The Influence That Financing Structure Have On The Strategic Emerging Industries In China

Under the new normal in China’s economic development,the development if strategic emerging industries will promote the optimization and upgrading of industrial structure.Technological innovation is the core power of strategic emerging industry development and innovation requires financial support.What kind of financing structure do the strategic emerging industries have?Does financing structure have a significant impact on the innovation performance of strategic emerging industries?In this context,The thesis study GEM’S strategic emerging industry and investigate financing structure and innovation Performance in order to Provide valuable reference for the development of strategic emerging industries in the country.First of all, This article reviewed the domestic and foreign scholars about the financing structure, innovation performance for two aspects of literature so that we have a deeper understanding of the research process of this field. Further more it teases out capital structure theory Enterprise innovation performance evaluation theory as the theoretical foundation in this paper.Second, The thesis makes a descriptive analysis of the development status of emerging industries of strategic importance in our country, so that forms intuitive understanding. After that selects 104 companies as a research sample from GEM’S strategic emerging industry, and makes a evaluation by innovation performance evaluation index and DEA. As a result, we find that strategic emerging industry innovation comprehensive efficiency is not high, the size of the innovation efficiency was significantly higher than that of pure technical efficiency. The whole strategic emerging industry basically is in the stage of increasing return of scale, it shows that the scale efficiency is the main contribution of the strategic emerging industry innovation efficiency, pure technical efficiency needs to be promoted.Third, it need set up multiple regression empirical model to analyse the relationship between strategic emerging industry financing structure the innovation performance. Financing structure divides Internal financing, debt financing and equity financing as explanatory variables of DEA’efficiency value, and joins in control variables for corporate property, engagement research, intellectual property right protection and marketization index. The empirical results reveal that endogenous financing and equity financing will help improve the efficiency of the strategic emerging industry innovation, however debt financing for the innovation of the strategic emerging industries have inhibition efficiency. It was not significant for the influence of enterprise nature of innovation efficiency, it has obstacles in the development scale and marketization index of innovation efficiency. The protection of intellectual property rights has a role in promoting the efficiency of the enterprise innovation.At last, we have make a conclusion to give some suggestion, firstly Endogenous financing can significantly improve the efficiency of the innovation of the enterprise, the companies use retained earnings to expand the scale of production and ensure the rational use of it to study, encourage and create. Secondly our country need perfect our country’s debt financing channels, increase financial institutions credit support for research and development, actively explore intellectual property pledge financing and debt financing and asset securitization etc and change the effect of debt financing on the innovation efficiency. Thirdly, Optimizing the equity structure, the implementing of equity incentive plan, promoting equity financing to encourage employees to participate in the innovation, elevating efficiency of equity financing of innovation. Fourthly, increasing the size of the new innovation in research and paying more attention to the scientific allocation of resources. Improving the productivity and technological achievements. Achieving economies of scale. Fifth, Improving the degree of marketization in our country, ordinating the unbalanced development between overall good area, creating a good external environment for the promotion the efficiency of innovation. Sixth, improving the protection of intellectual property rights, Arousing the enthusiasm of enterprise development.