The Study On Financing Efficiency Of Jiangsu Province's Strategic Emerging Industries And Its Influencing Factors

The global economic has a low growth after the financial crisis.The countries all over the world have begun to seek for the new commanding heights of the economic strategy to support national economic development.On the background,China takes strategic emerging industries as a major strategic choice for the transformation of economic development's mode and the transformation of the industrial structure.Although the government has launched various supporting policies,but due to the long return period,high risk of the industry and the immature development of China's capital market,the development of China's strategic emerging industries is still limited.The efficiency of enterprise financing is not only influenced by the uncontrollable factors,such as the objective environment,but also the function of the enterprise's own management ability.Therefore,this paper measures and analyzes the overall financing efficiency of Jiangsu's strategic emerging industries listed companies during the "12th Five-Year Plan" period,to master the effective financing of the strategic emerging industries in Jiangsu,and to promote the sound development of the strategic emerging industries,so as to provide an effective reference for improving the financing efficiency of Jiangsu's strategic emerging industries.Based on the theory of financing and reviewing the previous scholars' measurement methods of financing efficiency,we select the super efficiency Super-SBM model and Malmquist index model to make a static and dynamic measurement of the financing efficiency of the listed companies in Jiangsu's strategic emerging industries.In addition,based on the static efficiency,qualitative and quantitative analysis on the influencing factors of the listed companies of strategic emerging industries in Jiangsu province is used by multiple regression analysis.The results show that,for the static financing efficiency,the listed companies of strategic emerging industries in Jiangsu have not achieved effective financing,and there is a gap between the financing efficiency of different industries which are generally affected by economic development and related policy factors.From the point of view of the efficiency of dynamic financing,it is affected by the technological level and the scale efficiency of the enterprise.The financing efficiency of each enterprise in the sample period is limited.From the analysis of influencing factors,the scale,operation capacity and quality of financing are all conducive to the improvement of financing efficiency,and the improper financing structure will hinder the improvement of financing efficiency.