The Influence Of Financing Capacity On The Path Of Transformation And Upgrading Of Manufacturing Listed Companies In The Western Region Of China

As the German “4.0”,the “Industrialization”,under the new normal speed up the adjustment of industrial structure and the urgency of the transformation is self-evident,also want to find suitable for the development of the manufacturing industry in China.Since 2015,the “One Belt And One Road” and “Made in China 2025”strategy,puts forward relevant policy,manufacturing countries give a new important mission.As modern economic core of the connection of social,economic,financial industry has showed to fusion to manufacturing development strategy framework and its derived,has a good manufacturing base in the western region of regional economic integration,therefore,this article research has certain practical significance.Based on the western region of manufacturing listed companies as the research object,selecting the financial data from 2013 to 2015,the introduction of enterprise performance as intermediary variable analysis,aims to study manufacturing listed companies financing ability influence on transformation path.First,the paper selected topic background,it is pointed out that “One Belt And One Road” and “made in China2025 ” under the strategic planning in the western region the necessity of the transformation and upgrading of manufacturing industry listed companies,as well as the importance of solving financing problems in the process of transformation and upgrading,and through the transformation and upgrading and financing ability of access and sorting of the related studies,points out that the financing ability,technological innovation plays an important part in transformation and upgrading of industrial transformation,provide certain theoretical basis for this article.Second,the analysis of current situation of the development of western region of manufacturing listed companies and its financing ability,provide the reality basis for empirical analysis.Finally,according to the result of the above research and analysis,the paper puts forward four assumptions,namely manufacturing business performance of listed companies and financing ability has significant correlation,the path of transformation and upgrading of manufacturing industry listed companies and corporate performance relationship is inverted “U” type,the pathof transformation and upgrading of manufacturing industry listed companies financing ability and has significant correlation,manufacturing business performance of listed companies on the relationship between the financing ability and the transformation and upgrading path has the intermediary role,set up the index system,using regression analysis method to validate the proposed hypothesis,and then according to the results of the study conclusion and put forward with pertinence and feasibility Suggestions.The research results show that in the western region manufacturing listed companies financing ability of capital reserves,cash income per share ratio,science and technology input and output ratio significant influence on the transformation and upgrading path and poor performance in the enterprise,a share capital reserves to negative effect of science and technology innovation ability through the total return on assets part of the intermediary role.At the same time,when ROA<0,return on total assets to the financing ability of science and technology input and output ratio of transformation and upgrading path and two relations has a regulatory role;when ROA > 0,return on total assets to the financing ability of cash income ratio,science and technology input and output ratio and the relationship between the transformation and upgrading path have regulation,and regardless of the ROA<0 or ROA>0,have increase rate of return on total assets.Visible,financing ability is the important factors that affect manufacturing realize transformation and upgrading.According to the results of this paper,which can be for the transformation and upgrading of the manufacturing listed companies in western regions of the increased investment in research and development,improve the ability of financing and corporate performance to provide certain reference.