Research On Financing Efficiency And Influencing Factors Of Listed Companies In China’s High-end Equipment Manufacturing Industry

Since the 2008 financial crisis,there has been a significant lack of driving force for global economic growth.Countries have taken revitalizing the manufacturing sector as a means to overcome the difficulties in economic development.As a cutting-edge field,the high-end equipment manufacturing industry is the commanding peak of the future industry.It is the vanguard to win the new round of scientific and technological revolution and industrial transformation,and embodies the level of high-quality development.The "Made in China 2025" strategy has pointed out the direction for the development of China’s high-end equipment manufacturing industry.But at present our country manufacturing industry development and developed country still has the disparity.Our manufacturing industry has complete categories and quality.Next,we should strive to develop high-end manufacturing industry and improve it comprehensively.The development of high quality should be reflected here.The high-end equipment manufacturing industry has ushered in a new development opportunity and is expected to become a new engine for China’s economic growth.However,in recent years,under the impact of various factors,the world economy is developing slowly,and financing is difficult and expensive,which affects the development of high-end equipment manufacturing industry.In May 2022,The State Council issued a Package of Policy Measures to Stabilize the Economy,emphasizing improving the financing efficiency of the capital market and providing financing support to enterprises in key areas.Improving financing efficiency will provide financial support for high-end equipment manufacturing and help enterprises develop in high quality.Therefore,studying the financing efficiency and influencing factors of high-end equipment manufacturing industry is conducive to finding the root cause of enterprises’ financing difficulties,providing reference for enterprises’ financing decisions,effectively alleviating financing constraints,and promoting high-quality development.At the same time,it also provides reference for relevant departments to introduce supportive industrial policies.The paper defines the concepts of high-end equipment manufacturing industry,financing efficiency,and high-quality development of enterprises by sorting and summarizing relevant literature achievements,and summarizes the theories of financing,efficiency,and financial development.On this basis,we use the panel data of 135 Chinese high-end equipment manufacturing listed companies from 2013 to2021 to analyze the development status and financing status of high-end equipment manufacturing industry,and then use DEA-BCC model and Global Malmquist index to analyze the financing efficiency level and difference of high-end equipment manufacturing listed companies from the dynamic and static perspectives by industry,region and property right nature,Finally,the panel Tobit regression model is used to analyze the main influencing factors of financing efficiency,and targeted suggestions are proposed to improve corporate financing efficiency.After theoretical analysis and empirical evaluation,the paper draws the following conclusions: First,the comprehensive technical efficiency,pure technical efficiency,and scale efficiency of listed companies in China’s high-end equipment manufacturing industry as a whole belong to the high financing efficiency range,achieving improved financing efficiency,but not achieving Pareto optimization.The vast majority of enterprises are non DEA efficient.Secondly,the improvement of financing efficiency of listed companies in China’s high-end equipment manufacturing industry mainly benefits from changes in scale efficiency,but the restrictive effect of technological progress is obvious.Financing efficiency and key factors that affect changes in financing efficiency show differences in industry,region,and property rights.Third,total assets,research and development expenses,return on net assets,operating profit margin,inventory turnover rate,and GDP growth rate of the secondary industry are significantly positively correlated with financing efficiency;Asset liability ratio and financial expense ratio are significantly negatively correlated with financing efficiency.And the influencing factors of financing efficiency include industry heterogeneity,regional heterogeneity,and property rights heterogeneity.