经济新常态下战略性新兴产业金融支持效率评价及影响因素研究

Research on Financial Support Efficiency and Influence Factors of Strategic Emerging Industries under The New Normal

本文以150家上市公司2012~2016年共17个季度的数据为研究样本,运用数据包络分析法,通过DEA-BCC模型和Malmquist指数分别测算金融支持战略性新兴产业的综合效率和动态效率,再利用Logit模型依次分析2012~2015年度金融支持效率的影响因素。研究表明,经济新常态下的战略性新兴产业金融支持效率相对有效,但应警惕总体的下降趋势;间接融资和直接融资陆续成为战略性新兴产业的助推因素,战略性新兴产业发展的关键在于政府的合理引导。

The paper takes 150 listed companies as the research sample（ from 2012 to 2016,a total of 17 quarters）,and uses the data envelopment analysis to establish the DEA-BCC model and Malmquist index,for evaluating the comprehensive efficiency and dynamic efficiency of the financial support of strategic emerging industries. Then,using Logit model to analyze the influence factors from 2012 to 2015. This research shows,the financial support efficiency of strategic emerging industries under the new normal is relatively effective,but we should alert the overall downward trend. In addition,indirect financing and direct financing have become the driving force of strategic emerging industries in succession,and the key to the development of strategic emerging industries lies in the rational guidance of government.