The Study About The Financing Efficiency Of The Listed Companies In Chinese High-end Equipment Manufacturing Industry

In the current, the world economy is undergoing profound change. After thefinancial crisis, the economy of every country is recovering and adjusting, in order torevitalize the economy, the United States and other Western countries proposed a“re-industrialization” and aimed at high-end manufacturing filed and sought to shapea new economic growth point. The development of high-end equipment in China willface more intense competition, accelerating to cultivating and developing the high-endequipment manufacturing industry is the inherent requirement of the transformation ofeconomic development as well as to push ahead industrial restructuring andupgrading. September8,2010, the "Decision of the State Council on accelerating thecultivation and development of strategic emerging industries" was adopted by theState Council executive meeting. There are seven strategic emerging industries whichare chose, they are high-end manufacturing, energy conservation and environmentalprotection, biotechnology, new materials, new energy vehicles, new energy and a newgeneration IT. High-end equipment manufacturing industry plays an irreplaceablecentral role as one of the strategic emerging industries. money is needed for thebusiness’ development just likes the Blood to our body, the only way for enterprises togrow is corporate finance. The efficiency of corporate finance is a key factor whichaffects the development of the high-end equipment manufacturing enterprise tosuccess or not. The study on companies’ finance efficiency of high-end equipmentmanufacturing has an important strategic significance to increase the cultivation ofhigh-end equipment manufacturing and shift from great manufacturing nation topowerful nation.It use the method of DEA to evaluate the financial efficiency of the high-endequipment manufacturing industry in China in this paper, on the basis of this, It builtthe panel data model to show the factors that affect the financial efficiency ofthe high-end equipment manufacturing industry, and then analyze the influencingfactors, at last, put forward some recommendations about the situation of lowfinancing efficiency and a downward trend. There are six chapters in this paper,firstly this paper give us the introduction, it shows the research background andsignificance, the overseas and domestic research status and the overview of theresearch content and method. The second chapter is to introduce thetheoretical foundation, define the high-end equipment manufacturing industry,financing and efficiency, and sort out the financing theory and efficiency theory toprovide the theories of this paper. The third chapter is to summarize the characteristicsof Chinese high-end equipment manufacturing industry, the profile of listedcompanies and the current financing situation. The fourth chapter is the empirical part,it introduces the following aspects: the first is about the basic model of DEA, the second is about the choice of the DEA model, the third is about the input to measurethe financial efficiency of the high-end equipment manufacturing industry, the forth isthe selection of output indicators, the fifth is about the selection of sample and thesources of data, and he last is about the statistics of the measurements. The fifthchapter is to build a panel model for regression empirical analysis on the basis ofanalyzing the factors that affect the financial efficiency of the high-end equipmentmanufacturing industry, and verify the effect levels of these factors. The sixth chapteris to achieve the research conclusions on the basis of the previous research,meanwhile provide some suggestions about the financial efficiency of the high-endequipment manufacturing industry.