The Research On Financial Support Efficiency And Its Influencing Factors Of China’s High-tech Industry

Since the reform and opening up,China’s economy has continued to develop rapidly for 40 years,and has achieved a series of outstanding achievements and established the status of the world’s second largest economy.However,there is still a big gap in the goal of building a socialist modernized country.To this end,the Chinese government is committed to building a modern economic system.Under this strategic goal,the high-tech industry as the leading industry of the national economy bears an important task,and the development characteristics of high-tech industries determine that it cannot be separated from financial support.Therefore,this paper studies the financial support efficiency of China’s high-tech industry from the perspective of financial promotion industry development.This paper first defines the related concepts of financial support and high-tech industries,and expounds the theoretical basis of financial support for high-tech industries.Then,Then,combined with the historical data,the paper analyzes the development status of China’s high-tech industry and the status quo of financial support.Using DEA data envelopment analysis method,1640 effective observation units of 205 high-tech industry listed companies in 2010-2017 were taken as research samples,and the financial support efficiency of high-tech industries was measured,and the results were analyzed.Then the financial support efficiency value measured by DEA is the dependent variable,the environmental factor is the independent variable,and the Tobit regression model is constructed to empirically analyze the influencing factors of financial support efficiency.Finally,the authors put forward optimization suggestions for the financial support subjects of high-tech industries.The main conclusions drawn from this paper:From the overall point of view,there is room for improvement in the financial support efficiency of high-tech industries without reaching an effective level.There is a large fluctuation in 2010-2017,and there are obvious differences in the financial support efficiency of the sub-sectors.Among the influencing factors of financial support efficiency,the company’s age,scale,operating capacity,profitability,and concentration of ownership have a positive impact on financial support efficiency.The return on assets used to represent the profitability of the company has the greatest impact on the efficiency of financial support.The company’s asset-liability ratio is negatively correlated with financial support efficiency.From the perspective of optimization,it is mainly to grasp the adaptability,financial support should adapt to the development characteristics of high-tech industries,in order to play its biggest role.Specifically,it is necessary to coordinate with the government and the market to build a more comprehensive financial support system;improve and innovate bank credit business,develop technology banks;improve multi-level capital market system,improve equity financing efficiency;and actively guide more financial support entities to support High-tech industry.