Research On The Financing Efficiency Of Strategic Emerging Industries In The NEEQ

Since the 13 th Five-Year Plan,the development of strategic emerging industries has entered a critical period,which is related to the success of the country's economic restructuring under the new economic normal.The supporting policies on strategic emerging industries are constantly improving,which has indeed played a great role in promoting the development of mature strategic emerging industries,but for small and medium-sized strategic emerging industries.“ The problems of financing difficulty and financing expensive restrict the effective play of this role.As an important part of strategic emerging industries,small and medium-sized strategic emerging industries need to be paid attention to.Only by effectively solving the financing difficulties and financing efficiency problems,can the small and medium-sized strategic emerging industries thrive and grow healthily.Strategic emerging industries account for 25% of the new third board enterprises.As an important financing platform for SMEs,the new third board nurtures the development of SMEs.The maturity of its development affects the financing efficiency of SMEs strategic emerging industries.On the basis of reviewing the relevant literature at home and abroad on the financing efficiency of strategic emerging industries,this paper innovatively studies the financing efficiency of strategic emerging industries in the new third board market.Relevant issues of capital efficiency.In terms of the thinking of the research area,this paper firstly defines the concepts of the new third board,strategic emerging industries and financing efficiency,and introduces the financing theory.Secondly,it briefly describes the current situation,characteristics and characteristics of financing demand of strategic emerging industries.Then,it briefly analyses the influencing factors of financing efficiency of the new third board strategic emerging industries based on the current market situation and existing problems of the new third board.This paves the way for selecting appropriate input and output indicators for the sample data in the following DEA model.Secondly,we use DEA-Tobit two-stage model to construct an evaluation and impact model on the financing efficiency of new emerging industries in the newthree-board strategy,so as to test the financing efficiency of new emerging industries in the new three-board strategy and the factors affecting the financing efficiency empirically.Through empirical analysis,we draw the following conclusions:(1)The overall financing efficiency of the selected strategic emerging industries is not high,but in the new three-board strategy.Under the cultivation,the financing efficiency has been improved.(2)Most of the selected enterprises are still in the initial stage and growth stage,and still need the support of external funds.At the same time,enterprises should allocate funds rationally when expanding their scale,strengthen the strength of scientific and technological research and development,and improve the level of scientific and technological innovation.(3)Total assets,growth rate of main business and return on net assets are positively correlated with financing efficiency of emerging industries in the new three-board strategy,while asset-liability ratio is negatively correlated with financing efficiency.These conclusions point out the direction for the new three-board reform and the development of strategic emerging enterprises.Finally,this paper puts forward suggestions on how to improve the financing efficiency of strategic emerging industries in the new three-board market at the micro and macro levels,so that the new three-board can better serve the small and medium-sized strategic emerging industries,promote the development of strategic emerging industries in China,and accelerate the realization of economic restructuring and upgrading.