| The high-end equipment manufacturing industry is a technologically-rich equipment manufacturing industry,which is the key development in China’s equipment manufacturing industry.It is guided by high and new technology,is at the core of the value chain and the core of the industry chain,and determines the comprehensive competitiveness of the entire industry chain.The development of high-end equipment manufacturing industry plays a key role in leading the traditional manufacturing reform,advancing technological progress,and promoting high-quality economic development.Technological innovation of high-end equipment manufacturing industry needs continuous financial support from early research and development to the transformation of scientific and technological achievements.That is to say,effective financial supply can escort its development.Due to the characteristics of high innovation and high industry risk,high-end equipment manufacturing industry still has the problems of poor sources of funds and low efficiency of capital utilization in the process of development.Therefore,financing efficiency is the key to the development of high-end equipment manufacturing enterprises,and it is also the core issue of the research.Based on the theory of financial development,this paper emphatically analyses the capital formation mechanism of Finance on the development of high-end equipment manufacturing industry,and describes the current situation of development and financing of high-end equipment manufacturing industry in our country.On this basis,paper has carried on of empirical analysis from two levels using the data of 57 leading enterprises in high-end equipment manufacturing industry in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017.Firstly,this paper measure the financing efficiency of high-end equipment manufacturing industry by using DEA model with operating cost,external financing and internal financing as input indicators,business income and intangible assets as output indicators.Secondly,the Tobit regression model is used to study the effects of three factors on financing efficiency of Listed Companies in high-end equipment manufacturing industry,taking the measured comprehensive ef ficiency as dependent variable and the corresponding indicators of capital structure,capital utilization rate and financing cost as independent variables.The results show that during the period 2013-2017,the financing efficiency of Listed Companies in high-end equipment manufacturing industry has slightly declined,and there is room for improvement and optimization.And increasing the asset-liability ratio,increasing the asset turnover rate and the profit margin of intangible assets,and increasing the proportion of corporate cash outflows to corporate liabilities have a positive impact on corporate financing efficiency.Accordingly,the paper puts forward relevant suggestions to improve the financing efficiency of China’s high-end equipment manufacturing enterprises from three perspectives of the government,financial institutions and high-end equipment manufacturing enterprises,(1)Suggestions to the government:Set up a policy-oriented institution specially serving the high-end equipment manufacturing industry,Standardize the operation mode of government-guided funds,Enhance the inclusiveness of listed financing;(2)Suggestions for financial institutions:Strengthen industrial chain financial product design and services,Strengthen credit risk management,Promote the development of financial leasing market;(3)Suggestions for high-end equipment manufacturing enterprises are as follows:reasonably developing R&D activities,increasing the proportion of direct debt financing,and establishing group financial company. |
