Research On The Development Of Financial Support Equipment Manufacturing Industry

Since the outbreak of the global financial crisis,the world manufacturing pattern has undergone major adjustments,and developed countries have entered the process of "reindustrialization".in order to comply with the general trend of the global manufacturing industry reform,China proposes to vigorously develop the equipment manufacturing industry.The development of equipment manufacturing industry can not be separated from the continuous support of finance,but the financial support of equipment manufacturing industry in China has encountered a bottleneck.Therefore,how to solve the problem of financial support is particularly important for the development of equipment manufacturing industry at this stage.Firstly,it expounds the related theories of industrial development,the combination of enterprise financing and production and integration,combs the present situation of China’s equipment manufacturing industry,the present situation of financial development,and the problems and inadequacies existing in the development status of financial support equipment manufacturing industry,and finds out the reasons for it.Secondly,on the basis of analyzing the characteristics of financial supply and financial demand in the development of equipment manufacturing industry,this paper clarifies the influence path of finance on the development of equipment manufacturing industry.Then,the paper analyzes the factor analysis of 301 non-ST,ST* equipment manufacturing enterprises in China,constructs the comprehensive index of measuring the development level of equipment manufacturing industry and calculates the comprehensive score,on the basis of which,based on the angle of financial institution borrowing,equity financing,bond financing,internal financial support and commercial credit support,The relationship between the development of finance and equipment manufacturing industry is analyzed by panel data regression,The results show that:(1)the contribution of borrowing by financial institutions to the development of equipment manufacturing industry is not significant.The main reason is that financial institutions have a high standard of borrowing for enterprises,as well as a series of problems in the development of enterprises themselves,so that enterprises can obtain loans from financial institutions is difficult.(2)Equity financing is negatively correlated with the development of equipment manufacturing industry,mainly because equity financing has no pressure to repay capital and interest,and enterprises may invest more of this capital in large-scale equipment production and science and technology research and development projects.It is difficult to show the contribution of equity financing to the financial performance of enterprises in the short term.(3)the contribution of bond financing to the development of equipment manufacturing industry is not significant,mainly because the current development of bond market in China is not perfect.As well as the credit rating of many equipment manufacturing enterprises does not meet the requirements of issuing bonds,resulting in limited bond financing scale and little contribution to the development of equipment manufacturing industry.(4)Internal funds and commercial credit and the development of equipment manufacturing industry is positively correlated,mainly because the financing cost of internal capital and commercial credit is low,which plays a positive role in promoting the financial performance of enterprises.Finally,in view of the practical problems and empirical conclusions,this paper puts forward the corresponding countermeasures and suggestions for the development of financial support equipment manufacturing industry,including perfecting the diversified financial organization system,developing diversified financial products and services,and innovating the support mode of commercial banks,speed up and improve the development of the bond market,guide enterprises to allocate equity capital reasonably,encourage social capital to carry out venture capital,and increase government support.