Evaluation Of The Efficiency Of The Financial Support Of Developing Strategic Emerging Industries In Xinjiang

Strategic emerging industry is vital force of promoting national and regional economic development,after the state council promulgated the major national strategic decision-making that cultivate and develop strategic emerging industry,XinJiang Province responded positively to the call of government and defined seven strategic emerging industries which will become the driving force of industry upgrading,economic development transformation and economical growth according to industrial reality.But Using financial capital to promote the progress of strategic emerging industries and subsequently upgrading the traditional industries is needful to play a guiding role.In this context this article researched on the financial support efficiency level and it's influences from financial capital and then put forward countermeasures for improving efficiency level.Based on the industrial economical development theory,financial development theory,investment marketing theory and optimal financial structure theory,combined with present strategic emerging industries situation in XinJiang Province,this article analyzed the industrial financial support status in detail from policy,bank credit and capital market points.On this basis,use DEA model and select six indexes from the industrial listed companies from 2011 to 2015 which includes the equity financing rate,borrowing rate from financial institutions,internal funding rate,return on equity,the growth rate of gross operating income and earnings per share to estimate financial support efficiency,and meanwhile use Logit model to explore the influence on the efficiency from financial input factors.According to status description and empirical analysis on XinJiang strategic emerging industrial financial support,this article draw the following conclusions:Firstly,in Twelfth Five-Year Plan Period,the financial support of XinJiang strategic emerging industries is in good condition,but problems such as the financial credit's relative concentration,the industrial financial resource's imbalance,the private capital non-utilization,the financial support force's difference among industries,R&D fund's short supply,the capital market's urgent perfection exist.Secondly,the financial support efficiency of XinJiang strategic emerging industries generally does not reach effective frontier,which is caused by joint inefficiency between pure technical efficiency andscale efficiency;the financial support efficiency between plates differ from each other,SME Board and GEM have higher efficiency than main board from 2011 to2015.Thirdly,direct financing represented by equity financing and corporate internal funds have significantly positive effects on the financial support efficiency,and the indirect financing represented by the loans from financial institutions also has positive effects but not obvious at present.Consequently,in the light of the above research conclusions,the paper gave four relevant suggestions to raise the financial support efficiency of XinJiang strategic emerging industries which include increase governmental financial support,reinforce financial institutions' financial services,improve multilevel capital market,accelerate progress of strategic emerging enterprises.