The Influence Of Capital Structure On The Financing Efficiency Of Listed Companies In Strategic Emerging Industry

Developing strategic emerging industry is becoming an important strategic choice to enhance the international competitiveness and seize the future economic development of the manufacturing site of countries in the international financial crisis period. "The 12 th Five-Year" period is a critical period of development of strategic emerging industries in China, it is essential for the industry to get healthy development. The study is of great significance for the continuing development of the industries, can strategic emerging industries listed companies take full advantage of the capital market to achieve the optimal allocation of resources and how does the current capital structure affect strategic emerging industries listed company's capital allocation and utilization are problems worthy of study.This article analyzed the financing efficiency of 259 listed companies in the strategic emerging industries from 2009 to 2013 firstly. Through sorting out the relevant financing efficiency theory, this article selected the appropriate input and output indicators to measure the financing efficiency of these listed companies. Then,on the basis of selecting the accurate indicators to reflect the capital structure of the listed companies, this article use regression analysis to measure the impact of capital structure on financing efficiency of emerging industries of strategic.The results showed that the financing efficiency of strategic emerging industries listed company does not reach the valid state. Overall, the Asset-liability ratio and Equity balance degree have a positive correlation with financing efficiency; The Proportion of state-owned shares and Ownership concentration have a significantly negatively correlation with financing efficiency; To compare the seven sub-sectors,All the capital structure indexes of Bio-industry, High-end equipment manufacturing industry and New materials have the same effect on financial efficiency with the overall industry; The Equity balance degree and Ownership concentration of Energy-saving industry have opposite correlation on financing efficiency with overall industry. The Equity balance degree of New generation of information technology industry and New energy industry have opposite correlation on financing efficiency with overall industry. The Asset-liability ratio, Equity balance degree and Ownership concentration of New energy automotive industry have opposite correlation on financing efficiency with overall industry. Based on the empirical results, this paperput forward measures to optimize the capital structure and improve financing efficiency, including strengthening internal construction, determining the optimal gearing ratio, optimizing the ownership structure and reforming the state-owned holding company and so on.