Study on the Financing Efficiency of Listed Companies of Strategic Emerging Industries in Guizhou Province

Li, Chenggang; Pan, Kang; Wang, Di

doi:10.12783/dtetr/amsm2017/14820

Cited by 4 publications

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References 1 publication

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“…For example, Wang and Geng (2016b) use six stages super SBM model to calculate the efficiency of strategic emerging industries in Jiangsu province. Li, Wang, and Yang (2014) analyze the financing efficiency of 51 listed companies of strategic emerging industries in Beijing. Wei, Li, and Cheng (2016) build an empirical model to analyze the financing efficiency of strategic emerging enterprises in Gansu province.…”

Section: Introductionmentioning

confidence: 99%

Research on Financing Ecology and Financing Efficiency of Strategic Emerging Industries in China

Geng

Xiao-shu

2019

Journal of Business Economics and Management

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After integrating external ecological and endogenous factors of the development of the industry, the paper builds a financing ecology index system, and analyses the financing ecology of strategic emerging industries in recent years. Then the paper further analyses the influence of external and internal financing ecology on financing efficiency. The results show that the financing ecology of the strategic emerging industries, external financing ecology in particular, is in the continuous improvement. The financing efficiency is significantly positively correlated with the macro-economy level and the internal financing ecology, and significantly negatively correlated with the role of government. There is a positive but non-significant correlation between financial development and financing efficiency, meanwhile a negative and non-significant correlation between credit environment and financing efficiency. The internal and external financing ecology can be replaced to some extent. Therefore, the strategic emerging industries should give full consideration to the synergistic optimization of the endogenous factors and external financing ecology so as to improve the financing efficiency.

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Section: Introductionmentioning

confidence: 99%

Research on Financing Ecology and Financing Efficiency of Strategic Emerging Industries in China

Geng

Xiao-shu

2019

Journal of Business Economics and Management

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“…For example, when measuring the financing efficiency of SMEs, Wang et al (2016) used capital cost, solvency, enterprise scale and operating cost as input indicators and used profitability and operational capacity as output indicators. Li et al (2014) put the total assets, asset-liability ratio, total operating cost and tradable shares into the index when measuring the financing efficiency of strategic emerging industries and will return the return on net assets, total assets turnover, and total revenue and current ratio are used as output indicators. Huang and Bian (2018), when measuring the financing efficiency of listed companies in strategic emerging industries in Zhejiang Province, use the total assets, asset-liability ratio, total operating costs and tradable shares as input indicators, and return on net assets, total assets rate, total operating income growth rate, earnings per share and current ratio are used as output indicators.…”

Section: Resultsmentioning

confidence: 99%

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

Chen

Wang

2020

IJOEM

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PurposeThe 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/approachThis 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.FindingsThe 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/valueThis 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.

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“…The operation capability of an enterprise reflects the efficiency of enterprise asset management and the utilization rate of funds, and asset turnover can better measure the operation capability of an enterprise. Based on the above analysis, and referring to relevant research on financing efficiency [3,35,42,43], on the input indicators, financing availability, financing cost, and financing risk are represented by total assets, operating cost, and the asset-liability ratio, respectively. On the output indicators, the development capacity, profitability, and operating capacity are expressed in operating income, return on assets, and asset turnover, respectively.…”

Section: Index Calculationmentioning

confidence: 99%

Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China

2023

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This study investigates the effect of economic policy uncertainty on financing efficiency in China’s high-tech manufacturing industry from static and dynamic perspectives. Using data envelopment analysis (DEA) and the Malmquist index, we measure financing efficiency and its changes over time. The results show that China’s high-tech manufacturing firms exhibit low static financing efficiency, yet they exhibit relatively high dynamic efficiency. A significant positive relationship is found between economic policy uncertainty and both static and dynamic financing efficiency. The uncertainty motivates firms to improve their financing efficiency, mainly by enhancing technical and scale efficiency and by increasing comprehensive efficiency. Moreover, different financing channels, such as commercial credit, equity financing, bank credit, and internal financing, have varied effects on the relationship between economic policy uncertainty and static financing efficiency. This study demonstrates that high-tech manufacturing enterprises can respond to economic policy uncertainty by improving their financing efficiency.

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Study on the Financing Efficiency of Listed Companies of Strategic Emerging Industries in Guizhou Province

Cited by 4 publications

References 1 publication

Research on Financing Ecology and Financing Efficiency of Strategic Emerging Industries in China

Research on Financing Ecology and Financing Efficiency of Strategic Emerging Industries in China

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

Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China

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