| Strategic emerging industries are emerging industries in China's economic development.In the "13th Five-Year Plan" National Strategic Emerging Industries Development Return,it is estimated that the added value of strategic emerging industries will account for 15% of GDP in 2020,and will become the pillar industry of China's economic development.In recent years,our government has formulated many policies and financial and taxation support for strategic emerging industries,and the development environment of this industry has improved.However,from the actual situation,the financial data analysis from 2013 to 2017 shows that the financing efficiency of most enterprises in strategic emerging industries is ineffective,and the financing difficulties and slow financing problems of this industry still exist.In order to promote the development of strategic emerging industries and improve the financing efficiency of this industry,this paper compares the previous testing methods of financing efficiency,and finally chooses BCC-Malmquist-Tobit empirical method to study and analyze strategic emerging industries.This paper chooses 426 strategic emerging industry enterprises as research samples.Firstly,using BCC method of data envelopment analysis(DEA),i.e.output-oriented multi-input and multi-output analysis method,this paper makes a static analysis of financial data of strategic emerging industry in recent five years,and finds that most of the value of scale efficiency,pure technical efficiency and technical efficiency are invalid.After that,combining with Malmquist index analysis,we analyze the changing trend of financing efficiency of strategic emerging industries,that is,dynamic analysis.We find that although the scale efficiency is in an ineffective state,it has little impact on the financing efficiency of strategic emerging industries,and the financing efficiency of this industry is mainly the result of the changes of pure technical efficiency index and technological progress.Finally,Tobit regression model is used to analyze the factors affecting the financing efficiency of strategic emerging industries.It is found that asset-liability ratio,growth rate of operating income,capital accumulation ratio and liquidity ratio have great influence on the financing efficiency of strategic emerging industries.Finally,when analyzing the influencing factors of financing efficiency,find out the reasons that affect the inefficiency of financing efficiency,and analyze and improve the suggestions of improving the financing efficiency of strategic emerging industries from the perspective of enterprises themselves and the government respectively.That is,enterprises should be strengthened from many aspects,and the government should give more support.In this paper,426 enterprises are selected as samples,and BCC-Malmquist-Tobit is used for empirical research.The following conclusions are drawn:(1)From the perspective of BCC,also known as static angle analysis,the overall financing efficiency of the industry is low.(2)From the perspective of Malmquist,also known as the dynamic analysis method,we can divide the overall financing efficiency of this industry into Pech,Techch and ech.Sech's financing efficiency of this industry should be small,so we can not think about it.Therefore,the financing efficiency of this industry is the result of Pech and Techch.(3)Considering from the aspect of Tobit,the financing efficiency of the industry as a whole is the result of multiple indicators,which have a significant impact on the financing efficiency of the industry.These indicators include: capital structure,profitability,development ability and solvency.This paper also puts forward the following suggestions from the perspective of the enterprise itself:(1)It is not possible to expand the scale blindly,and the speed of development should be reasonable.(2)Capital structure should be rationally optimized to avoid cost burden.(3)From the conclusion of Tobit empirical method,we can see that enterprises should strengthen their profitability,development ability and debt paying ability,maintain sufficient cash flow,and introduce technical and innovative talents.From the government's point of view,we should perfect laws and regulations,government subsidies and other related policies,support technological change and innovation of enterprises,encourage enterprises to direct financing and angel financing.The government should give some special support,strengthen the internal control of enterprises and the management level of enterprises,so as to prepare for the improvement of financing efficiency of the industry. |
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