Research On Financing Efficiency And Influencing Factors Of Listed Companies In Strategic Emerging Industries

Strategic emerging industries are important for economic and social development,and are strategic choices for scientific and technological innovation and development of productive forces in countries around the world.In the critical period of industrial restructuring,the development of strategic emerging industries is significance for build a new system of modern industry and the economic and social development.Since the "Twelfth Five-Year Plan",strategic emerging industries have developed rapidly and have had a clear leading role in economic development,laying a solid foundation for maintaining high-speed economic development.However,the development of this industry is in the initial stage,and it faces many problems such as low core technology,weak innovation ability,and unsound legal system.Among them,the financing difficulties and inefficiency are the key factors restricting the development of this industry.With limited funds,only by improving the financing efficiency can we rationalize the allocation of financial resources and enhance the competitiveness of enterprises.Therefore,how to improve the financing efficiency of strategic emerging industries and solve the problem of industrial financing is a major issue in the theoretical and practical aspects.Based on the previous research results,this paper constructs a research system that covers the macroeconomic environment and the micro-features of enterprises.Firstly,the paper uses four-phase DEA model to measure the level of financing efficiency of listed companies in strategic emerging industries,makes up for the inability of the traditional DEA model to eliminate the defects of environmental factors that interfere with efficiency assessment.Then use the Malmquist index method to investigate the changes in the financing efficiency,and the financing efficiency of listed companies in strategic emerging industries was comprehensively examined from both static and dynamic perspectives.At the same time,this paper compare and analyze the financing efficiency of strategic emerging industries from difference sub-sectors and regions,and finally use the Tobit model to study the factors that affect the financing efficiency of the listed companies in the industry.The research results show that:From the perspective of subdivided industries,the financing efficiency of the biological and information industries is the highest,and the financing efficiency levels of energy conservation and environmental protection,new materials,new energy vehicles and new energy industries are in the middle,and the high-end equipment manufacturing industry has the lowest financing efficiency.From a regional point of view,the listed companies in the strategic emerging industries in the eastern and northeast regions have the highest financing efficiency,followed by the central region and the lowest in the western region.From the trend of change,the financing efficiency of sample companies is on the rise,but there are fluctuations.The factors affecting the financing efficiency of strategic emerging industries listed companies include economic environment,financial policies,company size,capital structure,and corporate governance.Finally,based on the results of the research,this paper proposes optimization measures from the aspects of internal management and external financing environment,aiming to improve the financing efficiency of China's strategic emerging industries listed companies,and promote their better and faster development.