| Since the outbreak of the international financial crisis, all the countries have experienced domestic industry overcapacity adjustment process. Under this background, the traditional transformation trends of international industries are slowing, when the trends of the emerging international industry are forming. Re-industrialization policies in developed countries have a profound impact on world economic growth pattern. With the upgrading of industry and industrialization of new technology, all the countries in the world are accelerating the transferring of economic growth mode. Developing strategic emerging industries has become a common strategic choice around the world, including China. Based on the major technological breakthroughs and major development needs, strategic emerging industries play a significant leading role in long term development of economic and society. Strategic emerging industries have the following characteristics:concentrated knowledge and technology, less consumption of material resources, great growth potential, well comprehensive benefits. Fostering and developing strategic emerging industries are the key to enhance the country’s competitiveness and master the initiative in development, the major move of promoting the upgrading of industrial structure and accelerating the transformation of the economic development mode. At the same time, it is essential to promote China’s sustainable development. In conclusion, accelerating the cultivation and development of strategic emerging industries has an important strategic significance in promoting the modernization construction of our country.Since proposed and established as a key development direction of our country, strategic emerging industries have been highly concerned by the government, and have been rapid development under the guidance of a series of supportive policies. After 30 years’rapid development, China markedly enhanced its overall national strength. The development of strategic emerging industry has laid a more solid foundation. But at present, China’s strategic emerging industry is at the initial stage of development, there are still many problems to be solved:Enterprise technology innovation ability is not strong, the key core technology is mastered less, policies and regulations system is not perfect, and investment and financing to support innovation and entrepreneurship and fiscal policies, mechanisms are imperfect. Among them, financing difficulties and financing efficiency are always one "bottleneck" of our strategic emerging industry that constraint their development. Only valid to solve the financing difficulties and financing efficiency, we can achieve healthy and sustainable development of strategic emerging industries. To this end, this paper will focus on the status of financing the development of China’s strategic emerging industries, use data envelopment analysis on China’s strategic emerging industries to finance efficiency evaluation and analysis, use empirical analysis to identify factors that affect the efficiency of its financing, eventually propose appropriate policy recommendations to solve the financing difficulties of China’s strategic emerging industries and improve the efficiency of its financing, provide theoretical support and policy advice to Chinese development of strategic emerging industries, science and technology to seize the commanding heights of the economy.This article is consisted of seven parts:The first part is introduction, mainly describes the background> significance and value of the researching issues, research mentality and content of the paper, as well as the research methods and research innovations; The second part is literature review, primarily retrospect the relevant literature of financing theory, introduce the research findings of financing efficiency in the domestic, meanwhile elaborate the research production of correlative strategic emerging industry both here and abroad from connotation, characteristics, causes etc; The third part expounds the theory foundation of business financing and financing efficiency, include financing and financing theory> financing efficiency and the summarize of evaluation methodology. This section is the theory foundation of the article. The fourth section introduces the background and Status quo of strategic emerging industry, which provides the basis of this research. Besides, it also presents the financing situation of our country’s strategic emerging industry, preparing for the next empirical analysis of financing efficiency. The fifth section is empirical analysis. Through reviewing of the financing efficiency model, on the basis of using the quantity evaluation models related financing efficiency, this part adopts DEA method to establish the evaluation model adaptive strategic emerging industry, meanwhile, the part chooses the public companies from the strategic emerging industry as sample, evaluate it’s financing efficiency quantitatively, trying to compare them among different industries. In the sixth part, we will build the panel data model based on the qualitative analysis of the influencing factors of strategic emerging industry’s financing efficiency, analyze the factors that influents the strategic emerging industry’s financing efficiency, so as to explore the causes why our country’s strategic emerging industry’s financing efficiency is low, provide the empirical data to solve the financing efficiency issue. The seventh section summarizes the main research conclusion, and provides suggestions to enhance our country’s strategic emerging industry’s financing efficiency.This paper uses the methods of theoretical analysis and empirical study combining qualit ative and quantitative research methods. The Empirical study has two main aspects in this pap er:First, it uses the DEA evaluation method for strategic emerging industries to evaluate the e fficiency of corporate finance analysis; second, it is based on the fourth to establish the regres sion analysis index system of impacting the financing efficiency. Through empirical analysis of the above aspects, we draw the following conclusions:First, on the whole, China’s strategic emerging industries and effective corporate finance efficiency ratio is not high, and the financ ing efficiency of China’s strategic emerging industries is low and decreased. Specifically:(1) On the returns to scale, strategic emerging industry enterprises have decreasing returns to seal e phenomenon. Faced with this situation, companies should take timely measures:on the one hand it should strengthen internal management and control costs while accelerating cash flow, on the other hand it should support technology research and innovation to improve operationa 1 efficiency financing. (2) Compare with the technical efficiency of the sub-sector, in addition to the bio-industry technical efficiency has slightly improved slightly, the level of technical eff iciency of other industries has different degrees of decline; in the relatively pure technical effi ciency sub-sectors, in addition to the new materials industry pure technical efficiency slightly improved slightly, the level of technical efficiency of other industries have declined in varying degrees; in the comparison of scale efficiency sub-sectors, the efficiency of new energy indus try and the new energy vehicles and bio-industry are increased, other industries scale efficienc y is decreased. Second, through the analysis of the factors affecting China’s strategic emerging industries in the efficiency of corporate finance, the paper which has selected six indicators a nd regression analysis shows that the total gross assets, current liabilities and debt ratio, opera ting margin financing cost efficiency have significantly positive impact of asset-liability ratio which has a positive impact on the financing efficiency but not significantly, intangible assets to total assets ratio has a negative impact on the financing efficiency but not significantly, and the proportion of the top ten shareholders have a negative impact on the financing efficiency b ut not significantly.Currently, the financing efficiency of strategic emerging industries is already a serious problem. Healthy and sustainable developments of strategic emerging industries of our country are important to move towards new industrialization, improving the modern industrial system and promote the adjustment of industrial structure. But to enhance the efficiency of enterprise financing play a vital role in safeguard the development of the entire strategic emerging industries. The main contribution of this study is as follows:First, in theory, the paper constructs the DEA model system that can comprehensively analysis financing efficiency of strategic emerging industries. When investigating the efficiency of corporate finance, this paper firstly focused on trade and allocative efficiency, then comprehensively analysis the overall efficiency of both, rather than a separate one aspect of efficiency to determine the level of corporate financing efficiency. Second, the use of an established corporate finance efficiency DEA model to evaluate the efficiency of the system of financing the quantitative analysis of the emerging strategic industries, and through empirical analysis to understand the differences in each industry financing efficiency, the inquiry exists between the level of efficiency of industrial facilities reason for the difference, provide further support for the theory of China’s strategic emerging industries to solve the plight of corporate finance, improve independent innovation capability and core competitiveness of industries; Third, the paper constructs the factors that affect the efficiency of financing emerging industries of strategic analysis model, and made a series of suggestions to improve the efficiency of China’s emerging strategic industries for the analysis of the financing provided for the development of realistic strategic emerging industries guidance.In addition, the innovation of this paper is the following:(1) carefully making a literal re view on domestic and international finance theory and strategic emerging industries. Based on the past research, this paper reviews the existing finance theory,and interprets the results fro m the contents and features and causes of strategic emerging industries comprehensively, prov iding a more clearer idea on later research.(2)elaborating the mechanism of supply and deman d of financing on strategic emerging industries in detail. From the supply and demand of finan cing, needs of capital and balance of financing, this paper describes the financing mechanisms of strategic emerging industries, which laid the theoretical foundation for efficiency of finan cing.(3)Based on the data envelopment analysis, this paper constructs the empirical model on financing efficiency. Through the DEA model, we empirically tested the efficiency of financin g on strategic emerging industries. Considering the difficulty in defining the absolute standard for financing efficiency fairly, it’s more meaningful to use the relative standard for financing efficiency. The relative method can identify the inefficient production decision unit, and can o bjectively evaluate the gap between the efficient units production decision unit and inefficient production decision unit.It’s realistic to start from the indicators pointed quantitative reorient ation.(4)constructing the empirical model for the influencing factor on financing efficiency on strategic emerging industries. This paper elaborates the influencing factors from capital cost, the capital utilization rate and firm size, building the model and empirically testing the model. Through analysis of influencing factors on emerging strategic industries in China, this paper can provide supports for policy-making related to strategic emerging industries and financing , which has great practical significance.
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