A Study On The Efficiency Of Debt Financing And Influencing Factors For The Listed Companies In Strategic Emerging Industry

Nowadays strategic emerging industry is one of the core power which boost social economy development, accelerating the development of strategic emerging industry can be a rational choice to achieve the effectiveness and efficiency of social economy. Capital is the basement to promote industry development, so the growth and prosperity of strategic emerging industry can't be achieved without capital support. Debt financing, as the major method for companies to gain capital resources, having the effect of tax shield, expand financial channels and optimize the distribution of financial resources. Therefore, studying how to increase the efficiency of debt financing for the listed companies in strategic emerging industry and what factors influence the financial efficiency has vital significance.Based current studies of debt financing, this article integrate relevant theories and choose some indicators which can precisely measure the input, mediation and output of debt financing efficiency. Besides, we use the Two-stage Chain Network DEA Model to calculate the debt financing efficiency of listed companies in strategic emerging industry during the period of 2011 to 2013, meanwhile we construct a Tobit Regression Model to analyze which factors influence the debt financing efficiency of these companies and to what extent the debt financing efficient can be influenced by these factors.The empirical results show that the overall debt financing efficiency of listed companies in strategic emerging industry is low, far away from the optimal level. This low efficiency is not caused by the invalidation of debt financing, and what caused the inefficiency of debt financing in the five different sections in strategic emerging industry is not the same. Besides, the results show that the efficiency of debt financing in the strategic emerging industry increases first, and gets to a high point followed by a decrease. The annual configuration phase is invalid, mainly because the debt financial resources are not be effectively used, they are put on one side or wasted. In addition, we get that there are some factors which affect the debt financing efficiency, including the scale of a company, the construction of capital, the management of finance, the growth rate and profitability of a company. According to what we have got from the empirical results, this article gives some suggestions to improve the debt financing efficiency. We mainly consider how to construct a good credit mechanism for debt financing, decrease the financial cost, optimize the management system and improve the debt financing market for the companies in the strategic emerging industry.