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

Xiangyuan Chen (College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, China)
Ying Wang (College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, China)

International Journal of Emerging Markets

ISSN: 1746-8809

Article publication date: 8 October 2020

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

Acknowledgements

Declaration: We would like to declare on behalf of my co-authors that the work described was original research that has not been published previously and not under consideration for publication elsewhere, in whole or in part. All the authors listed have approved the manuscript that is enclosed. Conflicts of interest: The authors declare no conflict of interest.

Citation

Chen, X. and Wang, Y. (2020), "Research on financing efficiency of China's strategic emerging industries based on super efficiency DEA and tobit model", International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJOEM-02-2020-0188

Publisher

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Emerald Publishing Limited

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