Research On Influence Of Financing Efficiency Of Semiconductor Industry On Innovation Ability

Semiconductor industry is very important to China’s economic development,and its scientific and technological influence can not be underestimated.Affected by novel coronavirus pneumonia,the surge in online demand,the doubling of the technology upgrading,the shortage of capacity supply caused by the stoppage of production and the continuous occurrence of trade frictions,the countries in Europe,America and Japan have attached great importance to the semiconductor industry in recent years,and even rose to the national security strategy level.The US House of Representatives,the European Commission and the Japanese government all announced that they would invest tens of billions of dollars in the development of the semiconductor industry.In 2021,the world was dealing with the problem of "core shortage",and all countries issued policies to strengthen support for the semiconductor industry,which also made the semiconductor industry the backbone to promote social development,drive social progress and break through the technological blockade.At present,the "chip war" around the world has started.If China’s semiconductor industry wants to win the top,its R＆ D and innovation ability is the "locomotive",and the financing efficiency plays a role in protecting the innovation ability,which can not be underestimated.To sum up,this paper sets the research object as listed companies in China’s semiconductor industry,and explores the impact of their financing efficiency on innovation ability,in order to put forward reasonable suggestions for China’s semiconductor industry to improve innovation ability.This paper takes the listed companies in China’s semiconductor industry as the research object,takes the financial data published by the listed companies as the sample data,and uses a combination of theory and empirical methods to study the impact of financing efficiency on innovation ability.Firstly,it summarizes the literature related to financing efficiency and innovation ability,and briefly introduces the research content of this paper.Secondly,it introduces the concept of semiconductor and the evaluation methods of financing efficiency and innovation ability,and puts forward the hypothesis that financing efficiency has a positive impact on innovation ability.Then,it briefly analyzes the development status,financing status and innovation ability of semiconductor industry.Thirdly,calculate the static and dynamic financing efficiency through the selected index data,sort out and divide the data,and make relevant analysis.Finally,according to the Hausmann test results,the fixed effect model is selected,the comprehensive efficiency calculated in the previous paper is the explanatory variable,and the proportion of R ＆ D expenditure in operating income is the explanatory variable to explore the impact of financing efficiency on innovation ability.The results of this paper show that:（1）whether from the static or dynamic point of view,the overall financing efficiency of Listed Companies in China’s semiconductor industry is not high,and about 10% of the enterprises that achieve DEA effectiveness.（2）The financing efficiency of semiconductor industry can promote the innovation ability,that is,the improvement of enterprise financing efficiency will promote the enhancement of enterprise innovation ability.According to the analysis results,this paper puts forward the following countermeasures and suggestions: from the macro level,the government should strengthen the guidance of industrial policy,innovate credit products and establish compensation mechanism;From the micro level,enterprises should pay attention to financing efficiency,adjust capital structure,reasonably allocate resources and cultivate innovative talents,so as to achieve long-term and high-quality development.