An Empirical Study On The Capital Allocation Efficiency Of High-tech Manufacturing Listed Companies

High-tech manufacturing industry plays an important role in upgrading the industrial structure and transforming the mode of economic growth.In recent years,China has issued a series of policies to promote the development of high-tech industries.During the two sessions in 2018,general secretary Xi put forward the strategic deployment of "high-quality development",calling for the concentration of resources in high-quality enterprises and products,improving the efficiency and efficiency of resource allocation,and pointing out the direction for high-quality resource allocation and capital allocation.Compared with large-scale capital accumulation,the effective allocation of capital is more critical.Therefore,it is of great practical significance to study the status quo and improvement measures of capital allocation efficiency of China's high-tech manufacturing listed companies and effectively promote economic growth and industrial development.On the basis of defining the concepts related to high-tech industries and capital allocation efficiency,this thesis took the listed high-tech manufacturing companies in China from 2012 to 2017 as the research samples and used DEA model to measure their capital allocation efficiency.The measurement results show that the overall capital allocation efficiency level of China's high-tech manufacturing listed companies is not high,and there is imbalance in the industry.From the government,financial markets and the company itself three angles,analyzes the high technology manufacturing industry listed company capital allocation efficiency of the eight major factors: government subsidies,commercial bank loans to support strength,the first big shareholder shareholding ownership,management,property rights,the company size,free cash flow and the asset-liability ratio.Tobit regression model is used to empirically test the impact of eight factors on the capital allocation efficiency of high-tech manufacturing listed companies.The results show that government subsidy intensity,commercial bank loan support,the shareholding ratio of the largest shareholder,the nature of state-owned property rights,company size and free cash flow can significantly improve the capital allocation efficiency of China's high-tech manufacturing listed companies.However,the influence of management shareholding ratio and asset-liability ratio is not obvious.Finally,based on the empirical analysis result,and puts forward the optimization of China's high technology manufacturing industry listed company capital allocation efficiency countermeasures: give full play to the government's support and guide effect,improve the financing environment,improve the company management and technical means,perfect corporate governance mechanism,reasonable control the scale of the company,improve the level of utilization and management of cash flow of the company and the optimization of corporate capital structure.The research results of this thesis have certain reference value for improving the capital allocation efficiency of China's high-tech manufacturing listed companies.