Research On The Evaluation And Influencing Factors Of Equity Financing Efficiency Of Listed Companies In Strategic Emerging Industries

As one of the key industries in China,strategic emerging industries play an important role in promoting the sustainable development of China's economy.Listed companies in capital and technology-intensive strategic emerging industries have always been fond of risk-oriented equity financing.Due to the low cost and easy availability of equity financing,most listed companies in strategic emerging industries do not use the funds obtained through equity financing in the most effective production activities,making the equity financing efficiency of listed companies in this industry generally low.Therefore,it is of great significance to study the equity financing efficiency and its influencing factors of listed companies in strategic emerging industries.Based on combing the equity financing efficiency on the basis of related literature and theory,this paper selected the 208 strategic emerging industries listed companies as the research object,and the net value of equity financing,equity concentration,asset-liability ratio as input index,return on net assets,main business growth rate,the Tobin Q value as output index,constructed the evaluation index system of efficiency of equity financing,by using data envelopment analysis method to measure the company's 2017 annual efficiency of equity financing,and from the analysis efficiency,scale remuneration,insufficient input redundancy output analysis and industrial comparative analysis of four aspects carries on the appraisal.Then on this basis,using binary Logistic regression model from the financial indicators(operation ability,profit ability,debt paying ability,development ability)and non-financial indicators(R&D ability,ownership structure,enterprise scale,organization governance structure,leverage,earnings volatility)two aspects of factors affect the efficiency of equity financing of the empirical analysis,to explore the influence of various factors on the efficiency of equity financing.The research results show that the equity financing efficiency of China's strategic emerging industry listed companies is generally low,and the equity financing efficiency has unbalanced development between industries.At the same time,it is found that the accounts receivable and income ratio,the return on assets,the growth rate of net profit,and the top three executives of the executives have a significant positive impact on the equity financing efficiency of listed companies in strategic emerging industries,and the asset-liability ratio is the first.The shareholding ratio of major shareholders has a significant negative impact on the efficiency of equityfinancing of listed companies in strategic emerging industries.Therefore,based on the results of empirical research,this paper proposes improvement suggestions for the equity financing efficiency of listed companies in strategic emerging industries from the perspectives of enterprise,industry and government,with a view to improving the equity financing efficiency of listed companies in strategic emerging industries,so as to promote the sustainable and healthy development of strategic emerging industries.