Research On The Financing Efficiency Measurement Of Strategic Emerging Industries In Shandong Province

Strategic emerging industries symbolize a new round of scientific and technological revolution and industrial transformation.Since the state has proposed to vigorously develop strategic emerging industries,Shandong Province has been closely following the pace of the state and has focused on cultivating and developing a new generation of information technology,high-end equipment manufacturing,and new energy and new materials.Five modern emerging industries,such as modern ocean and medical health,have accelerated the transformation of old and new kinetic energy.However,due to the slow development of the financial market in Shandong Province and the single financing channel,the strategic investment in emerging industries has a long investment cycle and large fluctuations in risks,resulting in inefficient collection and allocation of funds.To promote the development of strategic emerging industries and improve their financing efficiency.Based on the data of 35 strategic emerging industries listed companies in Shandong Province from 2012 to 2017,this paper combines financing theory and previous research results to construct evaluation indicators from the perspectives of equity,creditor and internal financing.Firstly,Super-SBM and Malmquist conducts a static and dynamic analysis of the financing efficiency of strategic emerging industries in Shandong Province.Secondly,using the financing efficiency value obtained by Super-SBM as the dependent variable,the panel Tobit regression is constructed to further analyze the influencing factors of financing efficiency.The research results show that the average efficiency of financing efficiency of strategic emerging industries in Shandong Province is less than 1.Overall,the financing efficiency is not effective,and the financing efficiency of different enterprises is quite different.Secondly,the Malmquist index shows that the technical level limits the relatively effective growth of financing efficiency.In terms of influencing factors,corporate quality,operating capacity,profitability,debt financing and the increase of GDP in Shandong Province will increase the financing efficiency of enterprises,while the influence of equity concentration is not significant.Finally,based on the research conclusions,this paper puts forward relevant suggestions for optimizing the financing efficiency of strategic emerging industries in Shandong Province from the macro and micro perspectives.