Research On Investment Efficiency Of China’s High-tech Industry

With China’s economic development entering the stage of medium-high speed and high-quality growth,the mode of development has gradually changed from extensive to intensive,relying on technological progress.China’s economic development relies more on science and technology and innovation.High-tech industry is the key industry in the field of innovation and plays a very important role in China’s economic transformation.At present,the global high-tech wave is rising.In the major developed countries,the development of high-tech industry is regarded as an important national strategy.High-tech industry is the sustained driving force to maintain a strong country.Therefore,it is necessary to study the efficiency of investment in high-tech industries.Most enterprises will face financing constraints.This paper tries to analyze the efficiency of investment in high-tech industries in China under the conditions of financing constraints and government subsidies.This paper uses stochastic frontier model to measure the investment efficiency of high-tech industries,and studies the bilateral effects of financing constraints and government subsidies on investment efficiency.The advantage of stochastic frontier model is that it does not need to pre-classify samples,and can estimate the impact of a single factor on investment efficiency.The estimation of stochastic frontier model depends on the assumption of distribution of inefficiency items.This paper assumes that financing constraints and government subsidy items obey exponential distribution respectively.A total of 6543 groups of observation data of 727 enterprises from 2007 to 2015 were studied,and then grouped according to enterprise ownership,region and industry.The results show that government subsidies can alleviate the negative effect of financing constraints to a certain extent,and the overall performance of China’s high-tech industry is insufficient investment.The results of sub-sample analysis show that the net effects of government subsidies and financing constraints on investment efficiency are different in different ownership systems,regions and industries.In different ownership systems,the net effects of private enterprises are higher than those of state-owned enterprises.From the regional point of view,the net effects of central region are the lowest.From the industrial point of view,the net effects of new energy and energy saving and environmental protection industries are positive,and there is over-investment.Phenomenon.Based on the above research,this paper puts forward the following suggestions: increasing financing channels for high-tech industries,lowering the threshold of government subsidy for some industries,alleviating financing constraints,establishing and improving the management system of government subsidy funds,preventing waste of funds,enterprises should make rational use of funds,and effectively improve investment efficiency.