Financing Preference And Its Role Of Technological Progress In High-tech Industries In China

The high-tech industry, there is one of the value of scientific researchachievements into practical productive forces, thus promoting the technologicalprogress, achievements into one of the bottlenecks is the capital investment.Financing preference is a direct reflection of the financing behavior of high-techenterprise, what kind of financing preference conducive to technological progress andlong-term development of enterprises and industries is the focus of academia andpractice. This article focuses on inspection financing preference of high-techindustries in China internal and external financing preferences of technologicalprogress, the use of high-tech industry panel data of listed companies, as well as theDEA analysis of the industry total factor productivity regression analysis.In this paper, divided into four parts, The first part is an introduction about thebackground and significance of this study, Ideas and methods and the relatedconcepts.The second part is a literature review of related issues at home and abroad.The third part is a general summary of the financing characteristics of high-techindustries, and financing of the status quo of China’s high-tech industry and featuresare summarized.The fourth part is the empirical part of the panel data of listed companies from1998to2010, China’s high-tech industries, as well as the DEA analysis of industryTFP regression analysis. The results showed that preferences for equity financing ofhigh-tech industries in China is the role of technological progress is not obviouswhether the positive effect or negative effect, and the impact on technical efficiencyreflected; preference for debt financing of technological progress there are significantnegative effect, and mainly by the response to the impact of technologicalimprovements; internal financing preferences have a significant role in promotingtechnological progress, and at the same time reflects the rate of technical efficiencyand technological progress, the more obvious role in promoting technical efficiency.The fifth part of the relevant policy advice on the basis of empirical analysis,capital structure, governance structure, bank credit and security market.