Research On Optimizing The Financing Efficiency Of Civil-Military Integration Industry

The development strategy of civil-military integration is integrated into the strategic system of strengthening the country in the new era.Because of the high R&D cycle and confidentiality of the industry,there is a high risk of information asymmetry between enterprises and investors,and there are many obstacles to the entry of external financing means.At the same time,most enterprises can receive the government subsidy.The total amount of government subsidy increases year by year,which causes the problem that the financing channels are too single.It may lead to a series of problems such as R&D investment crowding out.This paper takes the full-channel financing efficiency of civilmilitary integration industry as the research object,then analyses the impact of government subsidies,and how to promote a healthier financing environment.This paper uses three-stage DEA model to study the financing efficiency of 55 listed companies in civil-military integration industry.In the first stage,DEA-BBC model is used to evaluate the effectiveness of the input and output efficiency.In the second stage,the related factors of government subsidies are separated to adjust the input variables.In the third stage,DEA-BBC model is used to evaluate the adjusted data again.The main innovations and conclusions can be summarized as follows:(1)Assessing the financing demand of civil-military integration industry in China,we find that there is a downward trend year by year.After comparing the sub-industries,we find computer and other electronic equipment manufacturing companies account for the largest proportion,and their financing needs are greatly met in 2016.Railway,ship,aerospace and other transport equipment manufacturing industries have the highest financing needs.(2)By analyzing the scale of non-financing supply sources of China’s civil-military integrated listed enterprises,it is found that they are highly dependent on government subsidies.By collecting the data of internal and external financing channels from 2014 to 2016,we find that the internal financing is gradually transferring from low to medium scale.Besides,bond financing is not widely used in listed enterprises.Less than 50% of 55 listed enterprises choose equity financing means.Almost all enterprises get government subsidies.In addition,compared with the data of listed companies with equity behavior,the average ratio of government subsidies to equity financing is more than 200 times.(3)The theoretical analysis framework of financing efficiency of civil-military integration enterprises is constructed,which is analyzed from macro and micro aspects.From the macro point of view,economic development,policy support and financial support are the main factors.From the micro point of view,enterprise size,capital structure,financing cost,operational capacity,profitability and performance have an impact on financing efficiency.(4)The three-stage DEA model is used to empirically analyze the financing efficiency of civil-military integration enterprises at first time.Through the analysis of relevant literature,it is found that the evaluation of financing efficiency is mainly based on fuzzy evaluation and analytic hierarchy process,but this kind of method has subjectivity and incompleteness of structure and concept.The three-stage DEA method studies the multi-output and multiinput of decision-making unit with rigorous mathematical logic.It not only has the flexibility of DEA method,but also can eliminate the influence of environment and random errors on efficiency,which can better reflect the efficiency of enterprise capital use and get some meaningful conclusions.(5)The conclusions of the final empirical analysis are as follows.Firstly,the efficiency of full-channel financing is mainly affected by technical efficiency,and the efficiency of nongovernmental channel financing is affected by scale efficiency.Secondly,the enterprises whose full-channel financing benefits are unchanged,and decreasing are increasing year by year,and the non-governmental channel financing benefits are increasing by nearly 80%.