| After the global financial crisis in 2008, the world's major countries have re-examined the relationship between financial innovation and the real economy, the strategic development of emerging industries as the driving force for future economic development, trying to a new round of global economic competition and Industrial revolution in the wave of dominant position. How to cultivate and promote its continuous development and growth as a strategic emerging industry for the country is a challenging and realistic work for policy makers, entrepreneurs and researchers. The experience shows that emerging industries tend to start from technological innovation, and its sustainable development is largely dependent on its financing efficiency.In other words,the rapid rise of emerging industries, the need for an effective technology and finance"cooperation model" as a support. This article takes the strategic emerging industry of our country as the object of study, from the angle of raising the financing efficiency of its specific industry, taking the financing efficiency theory, the financing structure theory, the industrial organization theory and the institutional economics as the theoretical support,from microcosmic, Macro-perspective, empirical study of China's strategic industries to optimize the financing efficiency of the path, with a view to China's strategic emerging industries to enhance the efficiency of financing, financial support system to improve and improve the economic development mode to provide a reference.The essence of financing problem is the problem of efficiency of conversion from saving to investment in strategic emerging industries. Strategic emerging industries at present there are still many problems to be solved, such as the lack of corporate R&D input is less, less core technology, low technology conversion rate,imperfect investment and financing mechanism and fiscal and taxation policies to support innovation and entrepreneurship.Which reflect is financing the restriction of low efficiency of the development of strategic emerging industries of our country, namely strategic emerging industries financing efficiency. The purpose of this paper is to create a framework of financing for the role and impact of various strategic emerging industries.This is the"financing efficiency" system, which is based on the analysis of capital efficiency,financing, Corporate governance, enterprise scale, industry growth, industry profitability,technological innovation level and so on. The paper also analyzes the financing efficiency of the enterprise, the industry and the finance from the perspective of institutional security, and analyzes the cost and risk of capital integration.Then use this system to analyze the problems related to the financing of China's emerging strategic industries, and to explore how to solve these problems. So as to provide reference for the country to formulate relevant industrial cultivation and financial policies, and to select the efficient financing mode for enterprises, and provide evaluation criteria and help for financial institutions to choose and evaluate loans and investment projects and manage credit business.This paper is divided into seven parts: the first part is the introduction, the main problem is introduced and the research background,research significance and literature review, the full text research train of thought and main content, and the research methods and the innovation of this article; The second part for the study of the strategic emerging industry financing supply and demand. Mainly divided into four levels, first,analyzing the characteristics of the strategic emerging industries, secondly, starting from the characteristics of strategic emerging industries to analyze financing demand level,reviews the characteristics of strategic emerging industries and financing needs; Again from the financing supply level analysis, through the analysis of the characteristics and requirements of each financing way, emphatically analyzed the financing status quo of strategic emerging industries; Finally by analyzing the deep reason of causing the imbalance of supply and demand and puts forward problems; The third part is the meaning of strategic emerging industries financing efficiency and system. Based on the essence of financing, the first analysis of the financing activities of enterprises, the influence of the industry and the financial level, and then analysis efficiency, and establish the strategic emerging industry financing efficiency analysis of the system,hierarchical financing efficiency of the empirical analysis for the next step flow; The fourth part is the financing efficiency of enterprise level analysis. First reviewed the strategic emerging industries in the enterprise financing present situation, and then through the method of stochastic frontier (SFA) empirical research methods, strategic emerging industry in China listed companies' financing efficiency analysis, analyzes the factors influencing the financing efficiency of the enterprise level. In view of the strategic emerging industries listed companies financing efficiency is much lower than expected reality, emphatically analyzed the related influencing factors; The fifth part financing efficiency analysis for the industry level. In using two stage method(DEA-Tobit) based on the financing efficiency of, joined in the stage of development,industry, and the annual virtual variable, has carried on the quantitative analysis of the financing efficiency of the industry level, through the analysis of the factors that influence efficiency of financing, for technology innovation and the relationship between the financing efficiency, focus on the industry level the influence factors of the financing efficiency and deep-seated reasons; The sixth is divided into financing efficiency financial analysis. Mainly analyzes the current financial system in our country to support the development of strategic emerging industry present situation,through to the macro funds mobilization ability three aspects, financial innovation and financial risk analysis, found that financial financing efficiency is far insufficient, there is a big obstacle or defects, and photovoltaic industry, for example, the empirical analysis of the strategic emerging industries the risks of financial cases, finally analyzes the cause of the financial financing efficiency is not high. The seventh part summarizes the article about strategic emerging industries the financing efficiency of the main research conclusions, and to improve the financing efficiency of strategic emerging industry in China to provide countermeasures and suggestions.In this paper, the .research adopted the combination of theoretical analysis and empirical research, qualitative analysis and quantitative research methods of combining.Empirical research of this paper mainly has two aspects: one is to use stochastic frontier approach to strategic emerging industries in our country makes an analysis of the financing efficiency of enterprise level; Second, based on the basis of DEA analysis,establish affect strategic emerging industry in China the financing efficiency of regression analysis index system. Through the above-mentioned two aspects, the empirical analysis in this paper, the following conclusions: first, under the condition of financing constraints, strategic emerging industries listed companies financing efficiency is lower than the optimal level of about 29.8% on average, From the point of financing structure, relative to equity financing, the strategic emerging industries listed companies are more inclined to debt financing; From the industry, in the listed companies in strategic emerging industries, a new generation of information technology industry financing efficiency is highest, new material industry financing efficiency is lowest. Second, from the input-output effect analysis, the overall efficiency of China's emerging strategic financing industry is not high, most of the enterprises in the obvious inefficient units;From 2010 to 2014, there is no obvious signs of improvement about the trend of industrial financing efficiency, we can see our strategic emerging industries in the industrial policy incentives and promote the role is not obvious.It is obvious that the0020stimulating and promoting role of industrial policy is not obvious in strategic emerging industries. The proportion of intangible assets in the strategic emerging industries is relatively low, which indicates that the economic conversion rate of technological achievements is low.From the empirical results, whether the static efficiency or dynamic efficiency,from 2010 to 2014 China's financial system through technological innovation, resource allocation and other means to promote the strategic development of new industries have not achieved the optimal state, but also need to further improve and upgrade.In terms of influencing factors, the low financing efficiency of China's strategic emerging industries is related to the input and application of financial technology innovation, and also to the efficiency of resource allocation or system innovation of the financial system. It also relates to the structure of the financial system itself, size, financing structure and financing costs of environmental factors, and these environmental factors to some extent reflects the development of China's financial environment is also an urgent need to improve and optimize.The innovation of this article lies mainly in the following points: (1) the new angle of view to analyze the relationship between the financial system and strategic emerging industries , this paper highlights emerging industries of strategic to the influence of the financial system, through the analysis of the financial system and the promoting effect of financial risk caused by the development of strategic emerging industries and the financial system organically, and based on the use of empirical methods to study the financing efficiency of strategic emerging industries, by opens up a new Angle of view to explore the idea of strategic emerging industries financing efficiency; (2) defines the connotation of the strategic emerging industry financing efficiency, and in this paper,from the particularity of the industry development, the financing structure adaptability problems, discusses the strategic emerging industries' financing efficiency expand the existing literature research on this question. In reviewing the related literature to explain"financing efficiency" concept, on the basis of summed up the point of view, more reasonably define the meaning of strategic emerging industries' financing efficiency.Combined with industry development and financing structure, financing efficiency theory, attempt from the micro, meso and macro level analysis the financing efficiency,strategic emerging industries to expand and extend existing research; (3) the use of empirical measurement and evaluation of the financing efficiency of strategic emerging industries, through the analysis of related literature, the main measure and evaluation of the efficiency of financing is the fuzzy evaluation and hierarchical analysis method, is the evaluation on the efficiency of the financing way and is not integrity, the concept and conclusion method is hard to avoid subjectivity. Based on strategic emerging industries in the field of listed companies as the research object, using SFA and DEA -Tobit two methods from the perspective of efficiency of empirically the efficiency of the development of strategic emerging industry financing problems, the issue of financing efficiency is a complex system of multiple input and multiple output, using different research methods from various angles, different levels of in-depth analysis of the financing efficiency, influence to explore the deep cause of the financing efficiency is of positive significance.This paper argues that the financing efficiency of strategic emerging industries is essentially to explore the financial system and strategic development of new industries to adapt to the problem. In order to support the development of strategic emerging industries sincerely, the financial system should study the pertinence, availability and effectiveness of industrial financing efficiency from the financial demand of industry specificity. From the aspects of financial innovation, institutional innovation, structural optimization and environmental governance and other aspects to design programs to promote the financial system and the strategic combination of new industries. |
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