Research On Financing Efficiency And Its Spatial Spillover Effect Of Listed Companies

Financing is the driving force for the survival and development of enterprises It is also the key to promoting economic growth.However,China is still in the process of economic transition.The uneven economic development,the lag in financial development and the lack of financing channels led to various difficulties in corporate financing.In the 2019 government work report,the Prime Minister proposed that the government should focus on alleviating the problem of financing difficulties and high financing costs.At the same time,China is actively developing strategic emerging industries and promoting mass entrepreneurship and innovation.Since the development of strategic emerging industries is uncertain and risky.There are many shortcomings in technology,and the problems of technology chain and imperfect supporting conditions make the financing more difficult.Furthermore,our country is vast.The imbalance of economic development makes the regional differences in financing efficiency of strategic emerging industries obvious.The strategic emerging industries in the Bohai Rim,Yangtze River Delta and Pearl River Delta Economic Zones is more mature and improved than other economic zones,and the financing efficiency is also higher.In this context,this paper studies the spatial spillover effect of strategic emerging industry financing efficiency through in-depth theoretical and empirical analysis,and explores ways to improve the financing efficiency of China's strategic emerging industries and promote the balanced development of China's strategic emerging industries.Based on the sample data of Shenzhen Stock Exchange Emerging Industry Index and SSE Emerging Industry Index constituent stocks from 2012 to 2017,this paper evaluates the financing efficiency of China's representative strategic emerging industry listed companies with DEA model,analyzes its spatial correlation with Moran index,and the spatial spillover effect of financing efficiency was studied by using the spatial econometric model.Finally,the Tobit model is used to examine the relevant influencing factors of the financing efficiency of strategic emerging industries.The empirical results show that China's Bohai Rim,Yangtze River Delta and Pearl River Delta Economic Zones have higher financing efficiency than other economic zones.The financing efficiency of strategic emerging industries in China shows a positive spatial correlation and a positive spatial spillover effect.In different time periods,the impact of firm size,financing structure,financial management level,profitability,operational capability and macroeconomic performance on the financing efficiency of strategic emerging industries is different.Based on the above analysis results,this paper proposes correspondingcountermeasures for improving the financing efficiency of China's strategic emerging industries and promoting the faster development of strategic emerging industries.Countermeasures include controlling the scale of enterprise expansion,reducing corporate financing costs,improving production and operation quality,optimizing corporate financing structure and promote extensive regional cooperation.