| Chinese manufacturing industry has problems such as large but not strong industries,low independent innovation capability,and few wellknown brands.To realize the transformation from a large manufacturing country to a powerful manufacturing country,we must seize the opportunities,promote the transformation and upgrading of the manufacturing industry,and drive economic innovation and development.The high-end equipment manufacturing industry,represented by aviation industry,satellite and application industry,rail transit equipment industry,rail transit equipment industry and intelligent manufacturing equipment industry,is a typical industry with high status,high profit level and strong driving force.It can not only effectively promote the industry to become innovation-driven,but also effectively help the country’s economic development.Because the high-end equipment company has research and development cycle is long,large capital investment,research and development results of uncertain factors,such as high-end equipment manufacturing industry devoted to technology and capital is very large,On the one hand,enterprises need a lot of funds to maintain production and operation,and on the other hand,they have to invest huge amounts of funds in research and development,and different ways of financing affect the enterprise innovation efficiency.Therefore,it is particularly important to systematically study the relationship between the financing structure formed under specific financial market conditions and the innovation efficiency of high-end equipment enterprises.This paper selects the relevant data of China’s A-share listed high-end equipment enterprises from 2007 to 2017 as the research object.Firstly,dea-bcc model is used to calculate the innovation efficiency of the sample companies;Based on the innovation efficiency of the sample companies,this paper further studies the impact of endogenous financing,equity financing and debt financing on the innovation efficiency of high-end equipment enterprises by establishing a regression model.After calculating the innovation efficiency of the sample companies,it is found that the overall innovation efficiency of China’s high-end equipment enterprises is low,and the low pure technical efficiency is the main reason for the low innovation efficiency of China’s high-end equipment enterprises in recent years.From the inside of the industry,although the overall innovation efficiency of the industry is at a low level,there has been differentiation within the industry,and the innovation efficiency of some enterprises has been gradually improved,but at the same time,the innovation efficiency of many enterprises has not changed significantly.The three kinds of equity financing models of China’s high-end equipment financing can significantly promote the return of equity financing efficiency.Among them,the most obvious way to promote innovation efficiency is endogenous financing,followed by equity financing,and finally debt financing.This paper is carried out in the order of literature review,theoretical review,current situation description,empirical analysis and results suggestions.After studying the innovation efficiency of China’s high-end equipment enterprises,this paper studies the impact of three financing methods on the innovation efficiency of high-end equipment enterprises.Finally,it puts forward relevant suggestions from the perspective of financing structure.The research results are expected to provide reference for high-end equipment enterprises to optimize the financing structure and improve the innovation efficiency of enterprises. |
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