Research on financing efficiency of China's strategic emerging industries based on super efficiency DEA and tobit model

Xiangyuan Chen and Ying Wang

International Journal of Emerging Markets, 2020, vol. 17, issue 2, 485-504

Abstract: Purpose - The purpose of this research is to explain the financing dilemma of China's strategic emerging industries and improve their financing efficiency, seize the commanding heights of economic science and technology to provide theoretical support. Design/methodology/approach - This paper selects the companies listed under strategic emerging industry during the period of 2010–2017 as the research object and used the data envelopment analysis method (DEA) to evaluate the financing efficiency of China's strategic emerging industries and selects the tobit analysis method to find out the factors affecting its financing efficiency. Findings - The results show that the average financing efficiency of listed companies in strategic emerging industries between 2010 and 2017 is 0.7792, and the level of financing efficiency of strategic emerging industries is still at a low level. Among them, the bio-pharmaceutical industry and the energy-saving and environmental protection industry have the highest comprehensive level, and the high-end equipment manufacturing industry and the new energy industry have the lowest level of financing efficiency. Among the factors affecting the financing efficiency of strategic emerging industries, the asset-liability ratio, financial expenses and cash ratio and financing efficiency are negatively correlated, and the net asset income is positively correlated with the growth rate of the main business income. Originality/value - This paper measures the financing efficiency of China's strategic emerging industries, then explores the influencing factors of the financing efficiency of strategic emerging industries and tries to provide important reference values for the improvement of the financing efficiency of China's strategic emerging industries at a practical level.

Keywords: Strategic emerging industry; Financing efficiency; DEA (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoemp:ijoem-02-2020-0188

DOI: 10.1108/IJOEM-02-2020-0188

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