Research On Financing Efficiency And Risk Of Strategic Emerging Industries

Under the background of the historic intersection between a new round of technical revolution and China's upgrading economic transformation,cultivating and developing strategic emerging industries is a critical strategic decision for China and also a keen support to fill the "gap" of downward traditional industries and to realize economic stable growth.At present,the development of China's strategic industries is in a keen period,during which the environment of the industrial growth has improved fundamentally with a series of supporting policies issued.However,some outstanding problems should be solved as soon as possible,that's narrow channels for funding the industrial growth and low efficiency of capital operation.The paper discusses the intrinsic logic of financing problems in the development of strategic emerging industries,does up the financing models of China's current strategic emerging industries through analyzing the correlation between capital formation and industrial growth,assesses financing efficiency in the industries,measures financing risks and analyzes their causes and finally offers workable advice to structure a financing system for China's strategic emerging industries.From the angle of theories,the study provides a reference for China's industrial finance,especially for the growth and practice of strategic emerging industrial finance,while from the angle of practical value,studying the correlation between strategic emerging industries and finance,their combining routines and their practical obstacles is to analyze financing problems deep,considering in-depth factors such as regional and industrial differences.In the study,the argument from the micro-and empirical level is a useful supplement to macro-and qualitative perspectives and also an indispensable part of the study system integrity in the field.Of the study methods,the paper uses literature review,empirical study,comparison,norm,qualitative and quantitative research methods in the fields of economics,statistics,econometrics,operations research and so on to argue financing efficiency and risks systemically,which is the theoretical origins of strategies to optimize financing system in the paper.The paper studies the following contents in seven parts:In Chapter One Introduction,the paper introduces the study background,meaning,current conditions and definitions at home and abroad,frame and methods,innovation and insufficiency.Taking the new classical growth model as the theoretical base,the paper tries to structure a frame to analyze the relations between finance capital formation and industrial development and studies the growth motive mechanism of strategic emerging industries under the circumstances of growth features in strategic emerging industries(including industrial growth process,industrial growth trends and industrial business cycle)in Chapter Two.On the basis of above analysis,the paper studies acting mechanism of capital formation on technical innovations,market supplies and demands to argue the importance of capital support to strategic emerging industries.Chapter Three analyzes on financing demands and routines in strategic emerging industries.First,the paper analyzes China's current financing demands and financing models in strategic emerging industries.Second,the paper does up the current situations of finance support to China's strategic emerging industries from policy-based finance,banking,insurance and capital market and beddings the analyses of financing efficiency.Chapter Four evaluates financing efficiency in strategic emerging industries.First,the paper does up the connotation,influence factors and evaluating methods of industrial financing efficiency.Second,the financing efficiency of China's strategic emerging industries to conduct empirical analysis on strategic emerging industries listed companies as research samples,using the generalized DEA model to evaluate the financing efficiency of industry during 2011?2015 and,from different industries,different regions of the angle are compared.Combined with the actual case of Liaoning area of regional strategic emerging industry financing problems were analyzed,and compared the differences between the financing efficiency of strategic emerging industries and traditional industries.Chapter Five analysis of the financing efficiency of the factors,and combined with the Tobit model to analyze the mechanism of its action,identify the key link to improve the efficiency of strategic emerging industries financing.Chapter Six introduces financing risks and their prevention in strategic emerging industries.On the basis of analyzing the connotation of financing risks in strategic emerging industries and their causes,the paper uses VaR and GARCH model to measure financing risks in strategic emerging industries and offers measures of preventing risks in strategic emerging industries.Chapter Seven is conclusions and policy-relevant advice,which states the key study conclusions and raises policy-relevant advice from three angels,that's to optimize policy-directed financing system,to improve technical new functions of indirect financing,and to advance the establishment of multilevel capital market for increasing the weight of direct financing.The paper concludes the following points:First,capital formation will promote industrial growth effectively.China's strategic emerging industries tend to be enlarging industrial scale increasingly,promoting innovative levels increasingly and speeding up industrial integration,however,there is much room to be promoted from technical levels,market demands and policy environments,which can get beneficial solutions from capital formation.Second,the support of China's financial sector to strategic emerging industries appears the following features:limited credit scales of policy loans mainly made by China Development Bank and of venture capitals mainly guided by the government to strategic emerging industries;small scale,low proportion and imbalanced distribution of equity investment funds to strategic emerging industries,lack of inclusiveness of the system for IPO and listing on stock market to strategic emerging industries;faint injection tendency of credit support from commercial banks to strategic emerging industries and main focus of credit injection on new IT,bio-pharmaceutical and high-end equipment manufacturing;initial stage of insurance supporting strategic emerging industries with risk guarantee to be improved.Third,financing efficiency of strategic emerging industry needs to be further improved.Empirical analysis shows that the financing efficiency on the whole is not optimal.Most of the industry there are short-term debt pressure,long-term financing capacity is weak,irrational capital structure,capital efficiency especially output efficiency.At the same time,the phenomenon of low technology products and among seven strategic emerging industries,regional distribution,financing efficiency differences between different enterprises in the same industry greatly.Fourth,financing risks in strategic emerging industries are objective and long standing,so their bad influences should not be overlooked.The risks come from the national economy,industrial policies,operating environments,credit levels,leading technologies,uncertainties of market demands and imperfection of internal management.Measuring financing risks of public companies in strategic emerging industries turns out that the risks are greater than those of other public companies issued at the same period.Therefore the risks should be prevented by increasingly sounding industrial policy system,establishing modern enterprise management system,structuring diversified financing system and optimizing industrial distribution.Fifth,it should be undertaken from three angles for finance to help strategic emerging industries grow,that's to optimize policy-based financing system,to improve technical innovation of indirect financing and to promote establishment of multilevel capital market.On the side of policy-based financing,the paper advices to try to build policy banks for strategic emerging industries,to standardize operating models that the government guides funds and to establish policy-based financing guarantee system.On the side of indirect financing,the paper suggests to enhance financial product designs and services in the industrial chain and to promote standardized development of financing lease market and to strengthen technical innovative functions of insurance services.On the side of direct financing,the paper offers advice to perfect service modes and operating mechanisms of equity fund and to innovate stock market system to improve the inclusiveness of listing financing.The potential innovation in the paper is the theory of industrial economic transformation derived push balance of financial capital and industrial capital of the internal growth path,which demonstrates the significance of the funds to support the growth of strategic emerging industries.From the perspective of risk and efficiency,the financing problems of strategic emerging industries,to make up for the inadequacy of existing empirical research.And through the comparison of different industries.In different regions,the microcosmic perspective.Proposed the establishment of strategic emerging industry policy bank from the research viewpoint,expand the strategic emerging industries for the industrial chain financial services and other policy recommendations.In conclusion,this paper conducts the system research to the financing problems in the development of emerging strategic industries,is exploring a be of great advantage.The inadequacy is that the theoretical analysis frame raised in the paper and research conclusions may be superficial and the cognition to the financing system in China's strategic emerging industries is not perspective though the paper takes related research achievements of industrial growth and financial support.Restricted by the short of index selections and statistics data,the quantitative analysis in the paper cannot be high ly scientific and reliable.With the growth of China's strategic emerging industries,there must much larger space for future researches.