科技金融发展、产权性质与战略性新兴产业融资效率——基于两阶段链式DEA模型

The Development of Science and Technology Finance,Property Right and Financing Efficiency of Strategic Emerging Industries:Based on two-stage chain DEA model

以2014—2017年中国A股市场1036家战略性新兴产业上市企业为研究对象,基于两阶段链式DEA分阶段研究其融资效率。在此基础上,利用固定效应面板数据模型,重点分析科技金融发展水平对于战略性新兴产业融资效率的影响。研究结果表明:科技金融发展对于战略性新兴产业融资效率、筹资效率和配置效率具有正向促进作用;科技金融发展对于小规模战略性新兴产业上市企业融资效率的提升作用更为明显;科技金融发展对于战略性新兴产业民营企业融资效率的提升更加有效。

Taking 1036 strategic emerging industry listed companies in China's A-share market in 2014—2017 as the research object,these companies,financing efficiency is studied based on the two-stage chain DEA.Using the fixed effect panel data model,it focuses on the analysis of the impact of the development level of science and technology finance on the financing efficiency of strategic emerging industries.The research results show that:The development of science and technology finance plays a positive role on the financing efficiency of strategic emerging industries.The development of science and technology finance plays a more significant role in promoting the financing efficiency of small-scale strategic emerging industries listed enterprises.The development of science and technology finance is more effective in promoting the financing efficiency of private enterprises in strategic emerging industries.