Research On The Impact Of Financing Efficiency On Innovation Input Of Listed Companies In Strategic Emerging Industries

Strategic emerging industries are important industries that are driven by technological innovation and promote social and economic development.In recent years,the development of strategic emerging industries in China has been gaining momentum,and their role in supporting the national economy has become increasingly obvious,becoming a key factor in promoting China’s strategic goal of achieving an innovative country.However,at present,China’s strategic emerging industries are still in the initial stage,with insufficient capital supply and inefficient financing,which are not conducive to the implementation of industrial innovation projects and hinder the development of the industries.Financing efficiency reflects whether the enterprise financing activities are efficient,and higher financing efficiency reflects that the enterprise financing activities better support the development of the industry.Therefore,it is important to explore how to improve financing efficiency to improve the overall strength of industrial science and technology innovation and achieve healthy development.This thesis compares and summarizes the relevant literature and elaborates on financingrelated theories,innovation input-related theories and efficiency theories.Combining the development status of strategic emerging industries,financing status and innovation input status in China,this thesis explains how financing efficiency affects enterprise innovation input,and conducts an empirical study.This thesis takes 478 A-share listed strategic emerging industry listed companies as the sample,uses the Super-SBM model to measure corporate financing efficiency from 2012 to 2019,and conducts comparative analysis on financing efficiency from two perspectives:the nature of company ownership and size.Then,it empirically tests the role of financing efficiency on firms’ innovation input,explores the effects of board size and independent directors on the relationship between financing efficiency and innovation input,and finally investigates the variability of the relationship between financing efficiency and innovation input based on property rights heterogeneity and regional heterogeneity.The results of the empirical analysis of this thesis show that:(1)the financing efficiency of listed companies in China’s strategic emerging industries is significantly and positively correlated with innovation input.With the improvement of financing efficiency,the company’s innovation investment will also increase;(2)the board size enhances the promoting effect of financing efficiency on innovation input,while independent board weakens the positive promotion effect;(3)compared to state-owned enterprises,central and western region enterprises,the financing efficiency of non-state-owned and eastern region enterprises has a more significant contribution to enterprises’ innovation input.Finally,in order to provide ideas for further promoting the innovation capability and comprehensive strength of my country’s strategic emerging industries and boost the high-quality development of the industry,based on the conclusions,this thesis puts forward four relevant policy suggestions.The government actively optimizes the industrial financing environment,focuses on key regions and industries,and improves industrial innovation;enterprises should continuously improve the financing structure,prepare reasonable financing plans,and improve the efficiency of capital integration;they should continuously standardize the daily management of funds,use funds efficiently,and improve the efficiency of capital allocation;they should actively establish a reasonable board structure,reasonably determine the size of the board and the proportion of independent directors,and better play the functions of the board.