Research On The Financial Support For The Development Of China's Equipment Manufacturing Industry

Since the 21 st century,the equipment manufacturing industry has shown a trend of rapid development and rapid market share growth,has become one of the decisive factors to enhance the national industrial competitive advantage,and is a drive to accelerate domestic and international political and economic development.With the “Made in China 2025”conference,it's in urgent need to enhance the financial industry's contribution to the development of equipment manufacturing.Based on China's equipment manufacturing industry,aiming at the development of China's equipment manufacturing industry from 2006 to 2015,this paper objectively measures its support on the equipment manufacturing industry from four aspects: policy-oriented finance,commercial finance,capital market and venture capital market.By constructing the trans-log production function measure model with various financial support methods as input factors,the ridge regression analysis method is used to determine the weight and output elasticity of each financial support mode,and the degree of financial support for the development of equipment manufacturing industry is objectively measured,and contribution of financial industry on the development of China's equipment manufacturing industry is comprehensively evaluated.Finally,the paper analyzes the shortcomings of the financial support system,and puts forward some suggestions on how to improve the financial support system in the light of the content of the”2025 China's manufacturing industry” conference and the development of the German industry.This paper concludes that there are differences in the contribution of different financial support methods to the development of equipment manufacturing industry.There is a huge adjustment space for financial support methods.It needs to control the flow of policy-oriented financial capital,promote the role of commercial financial support and enhance the capital market,as well as the investment and financing efficiency of venture capital market,improve the financial support system.