Research On The Efficiency Evaluation And Influencing Factors Of Capital Allocation In Marine Industry

Promoting the high-quality development of the marine industry is an important strategic plan of the Chinese government to realize the transformation from a "large marine country" to a "powerful marine country".For the marine industry,the scarcity of marine resources is an obstacle to the development of the marine industry,because the development of the marine industry must invest capital and accumulate continuously,but the capital accumulation is limited,and the shortage of resources is the norm of the development of the marine industry.Facing the dilemma of limited capital,upgrading the efficiency of industrial capital allocation has become the key to promote the development,quality and efficiency of marine industry.In other words,in order to produce the positive effect of input and output,we must carry out efficient capital allocation,because high capital allocation efficiency makes an important contribution to marine economic growth.However,at present,the development of marine industry is faced with prominent problems such as unreasonable capital allocation and differential marginal income of capital.How to effectively improve the capital allocation,reasonably allocate its limited capital to all sub industries of marine industry,and solve the problems of why some industries have high capital allocation efficiency and some industries have low capital allocation efficiency.What affects the efficiency of capital allocation,These are urgent problems to be solved in the marine industry.Firstly,starting from the development status of the marine industry,this paper has an insight into the advantages and obstacles existing in the development process of the marine industry.With the help of Wurgler capital allocation efficiency measurement model,this paper collects the data of listed companies engaged in the marine industry as research data,takes the overall marine industry and each subdivided industry as a reference,uses the variable coefficient fixed effect panel model to calculate the efficiency,and uses the random preface model The "two-step method" measures the influencing factors.Finally,the panel PCSE model is used toanalyze all the influencing factors.The results show that the overall efficiency of capital allocation of marine industry is not high;Technical efficiency can promote the efficiency of capital allocation,and financing constraints will reduce the efficiency of capital allocation.In order to achieve the high-quality development path of the marine industry,we should improve the capital allocation efficiency of the marine industry from the aspects of enhancing the technical efficiency of the marine industry,alleviating the industrial financing constraints and government guidance.