金融支持战略性新兴产业发展研究--基于创业板上市公司数据的实证

Research on Financial Support for the Development of Strategic Emerging Industries:Empirical Study based on the Data of GEM Companies

文章利用2012—2020年创业板上市公司数据,使用SFA模型研究了战略性新兴产业金融支持效率,采用TOBIT模型分析了金融支持效率的影响因素。研究结果表明:中国战略性新兴产业金融支持效率总体呈现上升趋势,外部金融支持战略性新兴产业的边际效应大于内部金融支持;非国有企业及大企业的金融支持效率分别大于国有企业和中小企业。战略性新兴产业的金融支持效率具有产业异质性;研发创新、企业规模、绿色信贷、股权集中度、总资产周转率、高管股权激励显著促进了金融支持效率;资产负债率、股权的国有性质与金融支持效率显著负相关。

Based on the data of GEM companies of China for years 2012 to 2020,this paper studies the financial support efficiency of strategic emerging industries using SFA model and analyzes the influencing factors of financial support efficiency using TOBIT model.The results show that the overall financial support efficiency of China's strategic emerging industries shows an upward trend.The marginal effect of external financial support for strategic emerging industries is greater than that of internal financial support.The financial support efficiency of non-state-owned enterprises and large enterprises is higher than that of state-owned enterprises and small and medium-sized enterprises respectively.There are industry differences in the efficiency of financial support for strategic emerging industries.What signi-ficantly boosted the efficiency of financial support are corporate R&D,scale,green credit,equity concentration,total asset turnover,and executive equity incentives.Asset-liability ratio,state-owned equity are significantly negatively correlated with financial support efficiency.