Study On Financing Efficiency And Its Influencing Factors Of Listed Companies In High-tech Industry In Northwest China

The commercialization,marketization and industrialization of high-tech have improved production methods and improved the quality of workers.In particular,the growth of high-tech industries has provided industrial support for improving social productivity and building a smart society,and has the dual effect of increasing social material wealth and spiritual wealth.The commercialization,marketization and industrialization of high-tech need financial support,but not only the total investment,but also the efficiency of the integration of funds.The development of high-tech industries in the northwest region is still relatively slow.As a high-level representative of the development of high-tech industries,listed companies comprehensively measure and evaluate their financing efficiency,which is conducive to promoting the leap-forward development of high-tech industries in the region.This paper firstly sorts out and summarizes the research on the financing efficiency of domestic and foreign scholars,defines the related concepts,and lists the research structure of this paper based on the previous research.This paper takes 37 high-tech industrial listed companies in Northwest China as the research object in 2015-2017,and analyzes the current situation from the basic situation,financing scale and financing structure.Among them,in the industries to which listed companies belong,the manufacturing industry accounts for the vast majority with 28 listed companies in total.The number of high-tech industries listed in Shaanxi Province is the largest with 19 listed companies,and the total financing scale of all research samples in 2017 is 403.46 billion yuan.The average annual growth rate of the financing scale of 28 listed companies is positive,and the financing structure is mostly based on external financing.Secondly,in the method of selecting measurement financing efficiency,the three-stage DEA model is adopted.According to the connotation definition of financing efficiency,the input indicators are selected from the perspective of financing source channels,the output indicators are selected from the perspective of profitability of the company,and typical correlation analysis is used to construct in the evaluation system,in the selection of environmental variables,the environmental variable indicators are selected from the aspects of regional economic development level,time factor and local science and technology innovation.To explore the main factors affecting financing efficiency,the Tobit regression model is further used for analysis.The company's profitability,growth,capital utilization efficiency,company size,and financing structure are selected.The study found that external environmental factors and random noise have a significant impact on the financing efficiency of listed companies in the high-tech industries in the Northwest,and their financing efficiency has been improved after removing the external environment and other factors;from the overall financing efficiency,the financing efficiency of each province and the industry In terms of financing efficiency,its financing efficiency is not good,and the scale efficiency is the lowest among the decomposed financing comprehensive efficiency values;profitability,growth,capital utilization efficiency and financing efficiency are significantly positively correlated,and the company scale is significantly negatively correlated.Finally,based on the research conclusions,in order to further promote the financing efficiency of high-tech industry listed companies in the northwest region,the external needs to create a good environment for enterprise development.The company needs to strengthen overall coordination,improve management and innovation level,and transform scientific and technological innovation achievements into Actual productivity,improve the company's profitability and capital utilization efficiency.