| The listed manufacturing enterprises in Beijing-Tianjin-Hebei Areas undertake the important task of the transformation and upgrading under the dual strategy of "Coordinated development Beijing-Tianjin-Hebei region".At the same time,the financing structure of the manufacturing industry also has many problems,the Beijing-Tianjin-Hebei manufacturing enterprise debt financing level is high,the ratio of indirect financing is high,the phenomenon of short-term debt is serious.So,it is crucial to remove the obstacles existing in the transformation and upgrading of Beijing-Tianjin-Hebei manufacturing industry.Based on the previous literature review found that,the path of the transformation and upgrading of manufacturing industry in line with the smile curve theory,establish a model to analyze the impact of different financing channels to the upgrading the transformation of the listed manufacturing industry.The research method of thesis which,first,investigating ‘transformation and upgrading' and financial situation of manufacturing industry enterprise in Beijing-Tianjin-Hebei Areas,it is found that the transformation and upgrading of manufacturing enterprises in Beijing-Tianjin-Hebei region has problems of insufficient technological innovation and single financing channels.Second,making empirical research using 162 listed manufacturing enterprises in the Beijing-Tianjin-Hebei region.The method of empirical research is GSEM.According to the results of the empirical conclusion: the impact of financing channels to the transformation and upgrading of manufacturing industry in Beijing-Tianjin-Hebei areas is mainly reflected in the R&D investment,Equity financing can promote the transformation and upgrading of the listed companies in capital-intensive manufacturing industry,and the government input has a great impact on the promotion of the listed companies in the knowledge intensive manufacturing industry.At the same time,as the type of listed company is transformed from labor intensive to knowledge-intensive,the negative effect of debt financing is more obvious,and the promotion effect of government subsidy is more obvious.Finally,analysing the reasons why the transformation andupgrading of the manufacturing enterprise financing demand with existing money supply do not match.the paper proposed following correspond measures for improvement the transformation and upgrading of these manufacturing industry: Improve the financing capacity of enterprise transformation and upgrading;Improve capital market construction;strengthen the government's support and guidance for the transformation and upgrading of manufacturing enterprises. |
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