Study On Capital Allocation Efficiency Of Strategic Emerging Industries In Shandong Province

In the process of social and economic development,the industry development has a significant contradiction between the capital level that can be required and the capital level that can be obtained,whether the capital can be reasonably and effectively allocated in the industry,has an important influence on the development of a country.To improve the efficiency of industrial technology,means that a given input level can obtain more output,or that the same output occupies relatively little investment,so industrial capital to obtain a more adequate and effective use;industry in the development process,need some financial support,but at this stage,different industries have different development ability and different prospects for the future,that there are differences in the ability to obtain funds,and due to various constraints,industryoften can not be free to use the funds,there is a certain level of industry financing constraints,resulting in low efficiency of capital allocation.For the newstrategic emerging industries,our country is committed to introducing capital and other financial policies to support the development of this industry,the improvement of capital allocation efficiency of strategic emerging industries is conducive to the development of industry and economy.Therefore,this paper takes strategic emerging industry in Shandong Province as the research object,study on its efficiency of capital allocation,and based on the technical efficiency and financing constraints,analyze the influence of technical efficiency and financing constraint on capital allocation efficiency,and puts forward corresponding policy suggestions for improving capital allocation efficiency.In this paper,through the collation of relevant literature,weintroduces the basic theory of the efficiency of capital allocation,including Smith's order,comparative cost theory,H-O theory,financial development theory and technology innovation theory.According to the actual situation of strategic emerging industries in Shandong Province,we summarized the development status of eight strategic emerging industries and summed up the challenges faced in the development of various industries.This paper references the model to calculate the efficiency of the capital allocation from Jeffrey Wurgler,selects the listed companies in Shandong Province as the research sample,to estimated the capital allocation efficiency of strategic emerging industries and its different industrial,to compared and analyzed with the efficiency of capital allocation that in traditional industries and the results of previous studies.This paper elaborates that the level of technical efficiency will affect the size of the capital allocation efficiency in a certain extent,using the stochastic frontier analysis,to calculate the technical efficiency of Shandong province strategic emerging industries and various subdivision industry,and to compare with the technical efficiency of traditional industries,then establishes a technical inefficiency model to analyze its influencing factors;and through the elaboration of financial constraint level,learn the model of financing constraint index,to compare and analyze the financing constraint index of strategic emerging industries and traditional industries in Shandong province,comparative analysis of Shandong province strategic emerging industry and traditional industry financing constraint index,establish panel data model,and according to the F test and Hausman test to select the fixed effect model to analyze the influencing factors.According to the estimates of the capital allocation efficiency,technical efficiency and financing constraint index,do a descriptive statistical analysis to the panel data,and in order to further illustrate the influence direction and degree that the level of technical efficiency and financing constraint index affect on capital allocation efficiency,this attical establish a panel data model,and according to the F test and Wooldridge the variance test,we choose the PCSE model for empicial analysis.Then,according to the analysis,from the perspective of technical efficiency and financing constraints,we put forward thecorresponding policy recommendationsto improve the efficiency of capital allocation.