Research On The Capital Allocation Efficiency Of Strategic Emerging Industry In Jiangsu Province

Promoting the development of strategic emerging industries is an important action of Chinese government,and it had become the core of economic transformation and industrial structure upgrading for China.Jiangsu province was being at the forefront during the industrial revolution.Industry development needs much capital investment,but strategic emerging industries are in the early development,financing and allocation efficiency are constrained by financing ecology,therefore scarce capital elements become one of the biggest obstacles of industry development.Because of the limited capital,improving the efficiency of capital allocation has become the key to promote quality and efficiency of strategic emerging industry development.This paper selects panel data of strategic emerging listed companies of Jiangsu province from 2011 to 2015,takes the whole industry and industry segmentation as the reference set,and applies the revised Wurgler capital allocation efficiency measure model to conduct static and dynamic panel data analysis on the capital allocation efficiency.The results show that the capital allocation efficiency of the whole strategic emerging industry of Jiangsu province is positive,but the level is not high,and it volatiles on different periods;Capital allocation efficiency is obviously different between subsectors,in which most subsectors are above the national average level,but only the energy conservation and environmental protection industry has reached a higher level.Based on the efficiency measurement,the panel regression model PCSE is used to conduct empirical analysis on the specific influences that Technology Innovation Investment,Financing Structure,Government Policy Support have on capital allocation efficiency.According from the results,capital allocation efficiency of strategic emerging industry of Jiangsu province was significantly and positively correlated with the technology innovation investment,negatively correlated with debt capital ratio,and has no significant correlation with government tax policy.Therefore,to improve capital allocation efficiency of strategic emerging industry of Jiangsu province,we need to improve the technical innovation capability,solve the financing constraints,and develop the guiding role of government reasonably.