Research On Financial Support To The Development Of Strategic Emerging Industry In Guangdong Province

After the financial crisis,all the countries are looking for new economic growth points.China followed the trend of the times to put forward the strategic emerging industry according to economic situation.Guangdong province actively responds to the national policy,and takes the development of strategic emerging industry as an important measure to promote industrial restructuring,accelerate the transformation of economic development mode and seize the commanding heights of economic and technological development.Guangdong has been in the forefront of the development of strategic emerging industry for many years.The number of patent licensing ranks of Guangdong is the top in the country,and the comprehensive capacity of regional innovation ranks of Guangdong is the second in China.In order to further promote the development of strategic emerging industry,it needs to meet its huge financing needs and give financial support to the industry from all sides.Taking this as a starting point,this paper studies the financial support for the strategic emerging industry in Guangdong,then analyzes the impact of various financial support methods on the industry,and puts forward corresponding countermeasures.This paper first reviews and summarizes the relevant literature at home and abroad,defines the concept and characteristics of strategic emerging industry,and introduces related financing theories.The mechanism of financial support for strategic emerging industry is been introduced,that is,finance can affect the supply and allocation of funds through the mechanism of capital supply,capital allocation and risk diversification,so as to promote the development of strategic emerging industry.Secondly,it combs the current situation of financial support for the development of strategic emerging industry in Guangdong.In recent years,strategic emerging industry in Guangdong have been their good way,their scale are growing.Guangdong has set up a special technological innovation fund for small and medium enterprise,and adopted the preferential tax policy,and established dozens of technology bank,which issued billions of credit for the branch enterprises.In a meanwhile,venture capital market developed in a rapid growth.But at this stage there are still some problems of financial support for emerging industry,such as narrow financing channels,difficult indirect financing,low direct financing ability and imperfect guarantee system,and other issues.Further,this paper selects the listed companies of the strategic emerging industry in Guangdong as the sample,and take the net asset yield as the explanatory variable,representing the business performance of the enterprise.The ratio of funds obtained from different financing modes is characterized by bank lending rate,bonds payable rate,equity financing rate,business credit rate and internal financial support rate.According to the regression results,equity financing,business credit and internal financial support are all play a positive role in corporate performance.The empirical results are analyzed combined with the actual development of Guangdong's strategic emerging industry.Finally,according to the current situation analysis,descriptive statistics analysis and empirical results,this paper puts forward some countermeasures and suggestions from the aspects of financial institutions' support,broadening direct financing channels and strengthening government financial support.