战略性新兴产业金融支持效率研究——基于PCA-DEA-Tobit模型的实证分析

The Financial Support Efficiency Research of Strategic Emerging Industry——Based on PCA-DEA-Tobit Model Analysis

大力发展战略性新兴产业是中国21世纪的中心任务之一,而金融资本的支持对战略性新兴产业极其重要。文中在主层次分析法(PCA)基础上遴选出具有代表性的投入产出指标,以此为基础采用DEA模型测度战略性新兴产业金融支持效率,最后采用Tobit模型分析金融支持效率的影响因素。研究发现:中国战略性新兴产业的资源配置效应存在问题,还存在优化的空间,纯技术效率低下是导致综合效率无效的主要原因。公司所有制形式、两职是否兼任、金融结构、少数股东权益对综合效率有显著的负影响,而公司成立年数及公司所在地对综合效率有显著的正影响。根据研究结论,进一步提出了提高我国战略性新兴产业金融支持效率的建议。

Developing strategic emerging industries is one of the central tasks of the 21st century in China, while financial capital support is extremely important for strategic emerging industries. In the paper, the representative input and output indicators were selected based on the main Analytic Hierarchy Process （PCA）. Furthermore, the DEA model were used to measure efficiency of financial support of strategic emerging industries, and finally the Tobit model was used to analyze fac- tors that influence the efficiency of financial support. The research found that the effect of resource of Chinese emerging industries was in reasonable and there is room for optimization. The low pure technical efficiency is the main cause of the invalid efficiency. Company ownership, whether two jobs were concurrent, financial structure, minority interests have a significant negative impact on the overall efficiency. The age of company, the location of company has a significant positive impact on overall efficiency. According to the findings, the policy recommendations were proposed to improve the efficiency of our finan- cial support for emerging industries.