中国新一代高新技术产业金融支持水平与效率评价研究——来自上市公司的证据

Evaluation on Financial Support Level and Efficiency of New Generation High-tech Industry in China:Evidence from Listed Companies

从金融资源被投入主体(企业)的角度出发,运用熵权-线性加权和法、DEA-BCC模型和DEAMalmquist指数模型分别测度2015-2019年中国省际新一代高新技术产业金融支持水平和效率,并进行静态分析和动态比较。结果表明,总体来看,新一代高新技术产业金融支持水平和效率均较低,银行贷款、股票融资和纯技术效率对水平和效率的整体贡献相对较小;债券融资是低水平省份的首要制约因素,其次是风险投资;纯技术效率是低效率省份的首要制约因素。新一代高新技术产业金融支持水平和效率均保持较好增长态势,银行贷款、政府补助和规模效率变动分别是水平增长和效率增长的主要动力;股票融资是水平下降省份的首要抑制因素,其次是债券融资和风险投资;技术进步变动是效率下降省份的首要抑制因素。

From the perspective of subjects(enterprises) which financial resources are invested in,this paper investigates the financial support level and efficiency of China’s inter-provincial new generation high-tech industry from 2015 to 2019 with the entropy-linear weighted sum method,DEA-BCC model,and Malmquist index model.The financial support level and efficiency are compared from the static and dynamic angles.It is concluded that:the financial support level and efficiency of China’s new generation high-tech industry are not high enough relatively;the overall contribution of bank loan,stock financing and pure technical efficiency to level and efficiency are relatively small;bond financing is the primary constraint of low-level provinces,followed by venture capital,while pure technical efficiency is the primary constraint of low-efficiency provinces.However,the financial support level and efficiency of China’s new generation high-tech industry are on an upward trend.Bank loan and government subsidy are the main motivation of level growth,while scale efficiency change is that of efficiency growth;for level-declining provinces,stock financing is the primary inhibiting factor,followed by bond financing and venture capital,while technological progress change is the primary inhibiting factor for efficiency-declining ones.