Research On Financial Support For The Development Of Equipment Manufacturing Industry In Shandong Province

A new round of technological and industrial changes is emerging,and the global manufacturing competition pattern is facing major adjustment.Countries all over the world attach great importance to the development of equipment manufacturing industry.Developed countries such as the United States and the European Union have implemented the "re industrialization" and "manufacturing industry return" strategies,and China has also proposed "made in China 2025".China's industrial structure is in the stage of upgrading to high-end industries.Vigorously developing the equipment manufacturing industry is an important strategic choice to transform the economic development mode,optimize the economic structure and achieve high-quality economic development.The development of the equipment manufacturing industry cannot be separated from the strong support of finance.Currently,China's financial system is not perfect,which hinders the development of the equipment manufacturing industry to some extent.This paper first reviews the existing literature on the development of financial support equipment manufacturing industry,defines the connotation and characteristics of equipment manufacturing industry,introduces the theory of industrial development,financial development and related financing,expounds the impact of Finance on capital formation,technological innovation and risk management of equipment manufacturing industry,and analyzes the current situation and financial support of equipment manufacturing industry in Shandong Province The current situation of manufacturing industry.Then,59 listed companies of equipment manufacturing industry in Shandong Province are selected as the research samples.Combined with the industrial characteristics of equipment manufacturing industry and the influence path of Finance on equipment manufacturing industry,relevant indicators of capital formation,technological innovation and risk management of equipment manufacturing industry are selected as explanatory variables,from bank credit,equity financing,commercial credit financing,government subsidies and internal capital From the perspective of financial support,this paper empirically studies the relationship between financial support and the development of equipment manufacturing industry.Through empirical analysis,the following conclusions are drawn:(1)bank credit has a significant positive correlation with capital formation,technological innovation and risk management of equipmentmanufacturing industry in Shandong Province;(2)equity financing has a significant positive correlation with capital formation,technological innovation and risk management of equipment manufacturing industry;(3)commercial credit financing has a significant positive correlation with capital formation and risk management of equipment manufacturing industry The relationship is not significant to technological innovation;(4)government subsidies have significant positive correlation to capital formation,technological innovation and risk management of equipment manufacturing industry;(5)internal financial support has significant positive correlation to capital formation,technological innovation and risk management of equipment manufacturing industry.Through the comparative analysis of the empirical results,we can see that different financial support modes have different effects on the development of equipment manufacturing industry.Finally,according to the empirical conclusion,the paper puts forward some countermeasures and suggestions,such as building a credit rating mechanism suitable for the development of equipment manufacturing industry,guiding enterprises to make rational use of equity capital,increasing government support and encouraging venture capital.