A Study On Financing Efficiency For The Listed Companies Of Strategic Emerging Industry

Strategic emerging industries is a global,innovative,orientation,features such as scalability and high risk,lead the emerging industry of national economy and social development in the future.Current our country has entered the most crucial period of economic and social transformations,foster and develop strategic emerging industries for the transformation of the mode of economic development in our country,not only to carry out the scientific concept of development to provide strong support,also plays a positive role in improving the international competitiveness of China's economy.Strategic emerging industry depends largely on the development level of quality of financing,financing and financing efficiency is to measure the quality standards,the financing efficiency can also measure how developed financial market,degree of effective resource allocation and optimization of enterprise capital structure,so the research on strategic emerging industries financing efficiency has important theoretical and realistic significance.Based on the strategic emerging industry in China listed companies as the research object,using inductive deductive and the combination of qualitative and quantitative methods,using the three-stage DEA model analysis of the strategic emerging industry from 2012 to 2015 the financing efficiency.First,review the strategic emerging industries and their characteristics and development status,summarize the current financing situation and financing problems of the industry.And on this basis,from the enterprise's capital structure,capital market activity,financing costs and the profitability of the enterprise,the development potential,growth ability,innovation ability and so on seven aspects to construct the evaluation index system,selection of asset-liability ratio,current ratio and the cost of financing rate as input index,the return on net assets,main business revenue growth,Tobins Q and intangible assets growth rate as output index.In traditional DEA model on the basis of introducing the SFA regression analysis,the three-stage DEA model is set up on the financing efficiency of the strategic emerging industry in China is calculated andevaluated,the first stage is one of the traditional DEA model,the second phase of SFA regression model,eliminating the influence of environmental factors and random error,the third stage of the adjusted input again using DEA model.And then verify the effectiveness of the three stage DEA model,and 31 provinces in China's strategic emerging industries cluster analysis,financing efficiency further explore the related factors that affect the financing efficiency.This paper get the following conclusion through the empirical analysis: 1.The overall strategic emerging industry in China listed companies' financing efficiency is low,there are also regional differences between each province area,on the regional overall showed a strong east west weak situation.2.Lead to strategic emerging industry in China is the main reason of the financing efficiency is not high scale efficiency is low,most of the enterprise is in the stage of increasing scale efficiency,scale effect has not been formed and increasing investment scale is strategic emerging industry a key point to improve the financing efficiency.3.The three-stage DEA model to solve the traditional DEA model can't eliminate the external environment factors and random error on issues that affect the efficiency of decision making unit level,use the three-stage DEA model to measure the result of more ideal than traditional DEA,more in line with the actual situation.Finally,based on the empirical conclusions from the enterprise,government,financial markets and regional development point of view put forward the countermeasure and the suggestion of improving the efficiency of the strategic emerging industry financing.