Analysis On Financing Efficiency And Its Influencing Factors Of Semiconductor Listed Enterprises In China

In today's world,all countries are actively developing information technology industry.Semiconductor is the core of contemporary information technology industry,and its development level has become one of the important symbols to measure the comprehensive national strength of a country.The 14 th Five-Year plan points out that we should vigorously support and encourage the development of semiconductor industry.Semiconductor is a capital-intensive industry,facing a great demand for capital,and China's semiconductor industry development lags behind,product supply in the industry chain at the low end.In2019,the trade war between China and the United States imposed a blockade on semiconductors,which made our country realize the importance of chip selfsufficiency.Through literature reading,this paper sorted out the research on financing efficiency in various industries and the analysis of its influencing factors.First,it introduced the definition of financing efficiency and related financing theories studied in this paper.The data of 68 listed semiconductor enterprises in Shanghai and Shenzhen stock markets from 2016 to 2020 were selected as sample data to solve the research problems through empirical analysis.The methods adopted in this paper mainly include: first,DEA-BCC model is used to analyze the overall financing efficiency;second,DEA-Malmquist method is used to decompose total factor productivity;third,Tobit model is constructed to conduct regression analysis on various influencing factors.Through empirical research,this paper draws the following conclusions :(1)the financing efficiency of semiconductor industry has not reached the real effective level.(2)Scale efficiency needs to be improved,which limits the improvement of comprehensive efficiency of enterprises.(3)GDP growth rate,CPI growth rate,profitability,growth capacity and capital utilization degree are positively correlated with financing efficiency of listed companies in semiconductor industry,while M2 growth rate is negatively correlated with financing efficiency of listed companies in semiconductor industry.Finally,based on the empirical results,this paper puts forward some suggestions from the perspectives of government,capital market and enterprises.The government should improve the external environment of enterprises and increase policy support.Capital market can improve the construction of capital market and broaden the financing channels of enterprises.The enterprise ought to perfect enterprise management,raise enterprise profitability,business income growth rate and raise capital utilization sex,increase science and technology innovation at the same time.