Research On Financing Efficiency And Influencing Factors Of Strategic Emerging Industries

Under the background of current industrial upgrading and consumption upgrading,developing strategic emerging industries is an important strategic choice to build a new system of modern industries and promote sustainable and healthy economic and social development.In recent years,with the government's high attention and a series of policy support,the environment of the development of strategic emerging industry in China has a certain improvement,but from the actual development of strategic emerging industries,the industry is still at the initial stage of development,many problems exist in the process of development,the problem such as the "financing difficulties,financing your" seriously hindered the development of strategic emerging industry in China.In this paper,the paper selects the small and medium-sized board listed companies in the strategic emerging industries as the research objects,and studies the related issues of the financing of strategic emerging industries from the perspective of financing efficiency.In this paper,by analyzing a large amount of financing theory,based on the existing research results,and then combined with the characteristics of the current strategic emerging industry in China with the real predicament,choose the method of data envelopment analysis(dea)to the sample enterprise 2012-2016,comprehensive evaluation analysis is made of the financing efficiency,and build Tobit regression model research,analyzes the main influence factors of financing efficiency.Through the empirical research,we conclude that the financing efficiency of China's strategic emerging industries in 2012-2016 is generally low and shows a downward trend.At the same time,it is found that financing structure,financing cost,capital utilization efficiency and short-term solvency are the main reasons to influence the financing efficiency of strategic emerging industries.Finally,based on the analysis results,three Suggestions are put forward to solve the financing problem: to improve the comprehensive strength of enterprises;Government support;We will improve financialmarkets.This paper is divided into six parts: the first one is the introduction,mainly elaborated this article research background and significance,analyzed the related literature research situation and illustrates the main content of this article,methods and possible innovation points and deficiencies.The second part is the theoretical part of this paper,which defines the concept of financing efficiency and strategic emerging industries,and reviews the theoretical basis of financing theory and efficiency theory.The third part mainly illustrates the current financing features of strategic emerging industries and emerging industries of strategic importance of the main problems in the development of financing are analyzed in detail,the financing efficiency for the following empirical analysis.The fourth part is the empirical analysis of the financing efficiency,using the data envelopment model to measure the financing efficiency of the strategic emerging industries,and the evaluation and analysis are carried out according to the measurement results.The fifth part is the financing efficiency factors affecting the empirical research part,on the basis of qualitative analysis of the affecting factors of the financing efficiency,using Tobit model empirical analysis on the influencing factors affecting the financing efficiency,in order to explore the financing efficiency is the main cause of low state,to solve the problem of financing efficiency to provide the data for empirical analysis.The sixth part summarizes the main conclusions of this paper and puts forward some substantive Suggestions.In terms of theory,this paper uses the empirical model to evaluate the effective sample enterprises' financing efficiency,and analyses the reasons of low efficiency of financing,in order to further the corresponding theoretical support to improve the financing efficiency.In terms of practice,this article from the perspective of internal and external respectively analyzed the influence factors of the financing efficiency of strategic emerging industry in China,and for the internal influence factors in constructing the factor analysis model of financing efficiency,and has carried on the concrete analysis,the result of the model of finally put forward concrete proposals to solve the problem of financing the industry.