Research On Financial Support Efficiency Of New Material Industry

With the development of economic globalization and technological revolution,the application scope of new materials is becoming increasingly widespread,not only in traditional industries but also penetrating into many other fields such as advanced manufacturing,electronic information,energy and environmental protection.The new materials industry has high added value and innovation capability,which can promote industrial upgrading and structural optimization,and enhance a country’s economic competitiveness.The development of the new material industry cannot be separated from the support of the financial system,and the financial resources are limited,so improving the financial support efficiency of the new material industry is crucial to its development.This thesis firstly introduces the background and significance of studying the efficiency of financial support for the new materials industry,analyses the mechanism of financial support for the development of the new materials industry and expounds on the financial support situation of China’s new materials industry.Based on theoretical research,this thesis selects 63 listed companies in China’s new materials industry as samples,collects their financial data from2015 to 2021 and selects input indicators from three aspects: direct financial support,indirect financial support,and policy financial support.Output indicators are selected from two perspectives: enterprise profitability and enterprise development potential,and environmental variables are selected from three aspects: macro environment,equity structure,and company size.The three-stage DEA model is used to measure the financial support efficiency of China’s listed companies in the new materials industry and compare the financial support efficiency of companies listed in different regions and sectors.Finally,the thesis uses the Malmquist index model to measure the dynamic financial support efficiency of China’s listed companies in the new materials industry.The empirical research results show that: Firstly the overall financial support efficiency of listed companies in the new materials industry is low during 2015-2021.Secondly after eliminating the interference of environmental factors and statistical noise,the comprehensive technical efficiency and pure technical efficiency are improved,while the scale presence rate is decreased.Thirdly in the eastern,central and western regions,the number of enterprises in the eastern region is much more than that in the central and western regions,and the actual efficiency of financial support after adjustment is not much different.Fourthly the financial support efficiency of GEM enterprises is significantly higher than that of main board enterprises.At last from the analysis of dynamic changes,the financial support efficiency of the new material industry has been improved in recent years.Based on the empirical research results,this thesis gives the following countermeasures and suggestions: On the one hand,it is necessary to improve the external financial support environment by improving the financial support policy,perfecting the construction of the financial market and innovating the bank credit mechanism.On the other hand,enterprises should strengthen their own construction by strengthening their independent innovation ability,improving their capital structure and optimizing their equity structure.