The Influence Of Equity Financing Efficiency On Innovation Efficiency In The Military-civilian Integration Enterprises

As an important intellectual property entity and innovation driving subject of China’s economy,the military-civilian integration enterprise plays a fundamental and even decisive role in promoting the deep development of military-civil integration.Innovation is the core driving force for the development of military-civilian integration enterprises.Its level of R&D and innovation is not only related to its own development,but also related to the overall situation of China’s national security and development.If the innovation capability of military-civilian integration enterprises cannot match the social development,it will not only cause significant losses to the enterprises,but also bring unpredictable risks to the country.The development of innovation depends on the financial support of enterprises.However,the unreasonable financing structure,high cost and high risk of China’s military-civilian integration enterprises have reduced the quality of equity financing and restricted the development of innovation.Taking China’s listed military-civilian integration enterprises as the research object,this paper studies the mechanism of equity financing efficiency on innovation efficiency.Firstly,the DEA-BCC model is used to evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises.Secondly,the Malmquist index is used to dynamically evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises.Again,the Tobit regression model is applied.The paper analyzes the effect of equity financing efficiency on innovation efficiency.Finally,on the basis of theoretical research and empirical analysis,from the perspectives of macro,meso and micro,it puts forward the effect of strengthening equity financing efficiency on innovation efficiency.policy suggestion.The empirical results show that: Firstly,the overall equity financing efficiency of military-civilian integration enterprises is relatively low.Although the overall equity financing efficiency reaches a low number of effective military-civilian integration enterprises,it shows a year-on-year growth trend.Secondly,the innovation efficiency of military-civilian integration enterprises is low overall.At the same time,according to the dynamic results of Malmquist index,the innovation efficiency of China’s military-civilian integration enterprises failed to reach the optimal state during the research period,showing an overall downward trend.The main reason lies in the backwardness of enterprise R&D technology.Thirdly,from the Tobit regression analysis of the impact of equity financing efficiency on innovation efficiency,the equity financing efficiency of military-civilian integration enterprises has a positive impact on innovation efficiency.