Study On Financial Support Efficiency Of Strategic Emerging Industrial Development In Shandong Province

Since our country put forward to advancing the layout of the strategic emerging industries,Shandong province has kept pace with the national industrial adjustment,that is to actively promote the industrial upgrading;eliminate the negative effect of traditional industry;and develop the strategic emerging industries in Shandong province.In 2012,the<Shandong province strategic emerging industries 'twelfth five-year's plan>was successfully passed.This plan points out that the strategic emerging industries include new material,new energy and environmental protection,new generation of information technology,biology and medicine,Marine development,and high-end equipment,etc.The 'four new industries,one marine industries and one high' will be the focus of the provincial development.At present,the effect of strategic emerging industry development in Shandong province has preliminary revealed.It's time to enter the acceleration development periods and the reform will be intensified,but the previous effects have to be validated before that.As is known to all,the financial support is the basis for the development of strategic emerging industry,so the efficiency evaluation of the financial support is necessary.Then the good policy and the theory basis can be established for better development of the strategic emerging industries.In this paper,firstly,we should know the theory of the financial support efficiency to the strategic emerging industry,and it includes the theory of financial development,the theory of interactive financial support,the theory of industry life cycle and the theory of efficiency.It provides theoretical basis for our research.Secondly,it describes the status of the development of the strategic emerging industries in Shandong province,from the perspectives of respective industries,the financial situation and the capital levels.Through which,that the financial support of our province is ready to be improved is known.Thirdly,it will value the efficiency ofstrategic emerging industries in Shandong province,including the measurement of size of efficiency,the change of efficiency,and the influencing factors of efficiency.We will construct index structure by the DEA two-phase method.In this structure,you can see intermediate index,input and output index.We can change the black-box study of financial support to strategic industrial efficiency.The input indexes include long-term borrowings,equity financing and bond financing,government funding.The intermediate indexes include intangible assets,fixed assets,and labor.The output indexes include the return of net assets,growth in the main business.We find that efficiency of strategic emerging industries is not good in Shandong province.Finally,it suggests how to improve the financial support efficiency of strategic emerging industries in Shandong province.It is analyzed from two angles,that is the capital and the management of company.We should build a multi-level capital market in Shandong province,and optimize the internal management of the company.All of which will protect the development of strategic emerging industry in Shandong province.