Research On Financing Model And Performance Of Strategic Emerging Industries In Zhejiang Province

Strategic emerging industries(SEI)refer to the emerging industries with irreplaceable special role and status in the social development,macroeconomic,industrial structure and national security of a country or region.Since 2001,China raised SEI to the national level,SEI have been used as the pillar industries of regional economy to guide and vigorously cultivate.However,due to the large R&D investment,long investment cycle,unstable business model and the current financial system or model does not match,resulting in its development process in the face of financing difficulties.In order to solve this dilemma,scholars at home and abroad have conducted in-depth studies in recent years from the definition of the concept of SEI,financing theory research,different capital support for SEI.This paper reviews the research results of experts and scholars at home and abroad,reviews the financing situation of China's SEI,draws lessons from the experience of the United States,Japan and other countries in developing SEI,and puts forward suggestions on improving the financing guarantee system,improving the intellectual property pledge mechanism,and developing private equity investment.Especially through the method of empirical analysis,this paper makes a quantitative analysis of the main financing modes of SEI in Zhejiang Province,and puts forward that bank credit financing and equity financing should constantly improve the institutional mechanism and innovate financial products to provide strong support for the sustainable and healthy development of SEI in Zhejiang.Specifically,this paper focuses on the use of capital markets,commercial credit,and private equity financing in SEI in China and Zhejiang,analyzes the advantages and disadvantages of these three financing models in practical application in light of the development of industries in recent years.It is believed that the necessary way to meet the financing needs of SEI is to build a diversified financing system and innovate financial services.This paper also uses dynamic panel data model to make quantitative analysis of 30 listed enterprises in SEI in Zhejiang Province,and concludes that equity financing and retained earnings have a positive impact on the performance of SEI.We will accelerate the transformation and upgrading of the Zhejiang economy.