新一代信息技术业融资生态与债务融资效率

Financing Ecology and Debt Financing Efficiency of New Generation of Information Technology Industry

以新一代信息技术业作为研究对象,将融资生态引入效率研究,结合产业发展外部生态和内生作用要素,构建融资生态指标体系,采用熵值法赋权对融资生态进行评价,并进一步分析外部、内部融资生态对债务融资效率的影响。研究发现:2012—2017年期间,新一代信息技术业的融资生态不断改善,2018年以来有所下降。债务融资效率与宏观经济水平、信用环境、内部融资生态显著正相关;与政府作用负相关但不显著;与金融发展水平显著负相关。内、外部融资生态共同发挥作用影响债务融资效率,其中信用环境的作用比较明显,其他三个因素与内部融资生态并未形成合力。因而提升债务融资效率应兼顾产业内生要素及外部融资生态的协同优化。

The paper chooses the new generation of information technology industry as the research object,and introduces the financing ecology into efficiency research,and integrates the external eco-logical and endogenous factors of industrial development to build financing ecology index system.Fi-nancing ecology is evaluated based on entropy value method.Then the impact of external and internal financing ecology on debt financing efficiency is further analyzed.The results show that from 2012 to 2017,the financing ecology of the new generation of information technology industry continued to im-prove,and has declined since 2018.Debt financing efficiency is positively correlated with macroeco-nomic level,credit environment and internal financing ecology.It is negatively correlated with the role of government but not significant,and it is significantly negatively correlated with financial de-velopment.Internal and external financing ecology jointly play a role in influencing the debt financ-ing efficiency,of which the credit environment plays an obvious role.The other three factors do not form a joint force with the internal financing ecology.Therefore,the new generation of information technology industry should give full consideration to the synergistic optimization of the endogenous factors and external financing ecology so as to improve the debt financing efficiency.