Study On The Financing Model Of The Early Strategic Emerging Industry And Its Efficiency

Financial tsunami swept across the world in2008. Under this background, the strategic emerging industry has become an important choice of economic revival for every country. Compared with the traditional industries, the formation of strategic emerging industry scale is based on the amount of funding. However, due to the high risk of market and technology, the traditional financing model can’t meet the financing needs of the strategic emerging industry. To ease the sharp contradictions between the demand and supply of the early industry funding in theory, a set of financing model which is suitable for the industry financing characteristics must be constructed. In this way, the financing activities will become a lever to pry the development of the strategic emerging industry and ultimately promote the sustainable and healthy development of economy.Firstly, the strategic emerging industry, the financing model and other related concepts are cleared, and then.the development experience and inspiration of the foreign early emerging industry is summed up, and then the financing characteristics of the early strategic emerging industry are summarized by the grounded theory. Secondly, based on the industry cycle theory, the financial development theory and other related theory, through the use of the development finance theory, from the macroeconomic management perspective, the financing model of the strategic emerging industry and other related contents are studied. And the efficiency of the financing model is evaluated by the evolutionary game theory and the mathematical models. Finally, the supporting policies promoting implantation of this financing model smoothly are discussed.The main conclusions are as follows.(1) The strategic emerging industry is the emerging industry which is important to technological innovation, industrial structure optimization and upgrading, national economy and society stably and harmoniously development. This industry has the characteristics of innovation elements intensive, high investment risks and long investment cycle, industry internationalization and intense competition. The financing model is defined as a complete set of solutions which is available to financing entities selection and re-use when the financing entities with common financing characteristics. Thus, the financing model of the early strategic emerging industry can be defined as a complete set of solutions which is available to financing entities of the early strategic emerging industry selection and re-use.(2) The financing characteristics of the early strategic emerging industry can be summarized in four main areas by the grounded theory, they are fund demand, fund supply, fund allocation and fund condition. The fund demand is the core area, and it is the decisive internal factor that directly affects the fund supply. The fund allocation and the fund condition are the conditions which regulate the relationship between the capital demand and supply. In addition, the experience of the development of emerging industry in the United States and Japan has proved that it will play a positive role in the development of emerging industry that using the macro policies effectively, strengthening venture investment and government support, improving legal and credit guarantee system and building multi-level capital market system.(3) Target system, content system, and operation system constitute the financing model of the early strategic emerging industry based on the development finance. The target system includes that establishing an efficient financing platform, establishing an ordered information exchange platform, and establishing a high quality training platform of financing entities. The content system includes direct financing model based on the development finance and indirect financing model based on the development finance. The operation system includes input and evaluation mechanism, process control mechanism, and exit mechanism. The evolutionary game theory and the mathematical models analysis results have proved that the financing model of the early strategic emerging industry based on the development finance is higher than the operating efficiency of the traditional financing model. Meanwhile, at the present stage in China, the supporting policies promoting implantation of this financing model smoothly should include establishing fiscal and financial coordination mechanism, building a multi-level capital market system, improving the credit guarantee system, improving the financing environment and strengthening the integration of various resources.