Empirical Analysis Of The Evaluation Of China’ Strategic Emerging Industries Companies

Strategic emerging industries (SEI) are industries, in a country at certain periods of time, which can contribute strategic effects for economic and social development, along with applications of technology innovations. Developing SEI is an important initiative for promoting upgrade of industrial structure and transition of economic development. SEI made a great progress during period of "the 12th Five-Year Plan". Domestic scholars have conducted broad researches on SEI, however, less of those took a quantitative analysis and evaluation on growth of strategic emerging companies (SEC).Based on that, this paper first reviews theories and articles regarding influencing factors of growth of company and evaluation of company growth. Next summarizes status quo of SEI, followed by implications and characteristics of SEC and its internal and external influencing factors. Then the paper builds a growth evaluation model including companies scale, profitability, operation efficiency, debt-paying capacity, growth capacity and innovation capacity. Last, the paper selects a total of 455 A-shares listed companies in SEI as samples and uses factor analysis to conduct comprehensive empirical evaluation on growth status of companies during 2012 to 2014. The result indicates that SEC currently have relatively weak growth. SEI in east China, local state-owned and SEC listed on main board of Shanghai Stock Exchange have relatively stronger growth. Moreover, SEC in Bio-pharmaceutical industry and Next-generation information technology industry have better overall growth among seven SEI.This study is helpful for relevant government departments and investors to obtain in-depth insight into current status and existing problems of SEI, providing theoretical supports and policy advice for sustainable growth of SEI.