TITLE:
The Influencing Factors of Financial Support Efficiency of New Generation High-Tech Industry in China: Evidence from Listed Companies
AUTHORS:
Mu Zhang, Zhiyuan Lv
KEYWORDS:
New Generation High-Tech Industry, Listed Company, Financial Support Efficiency, Influencing Factor, Tobit Model
JOURNAL NAME:
Theoretical Economics Letters,
Vol.11 No.4,
August
20,
2021
ABSTRACT: In order to improve the
financial support efficiency of new generation
high-tech industry in China, from the perspective of the
subject (enterprise) in which financial resources were invested, this paper selected
192 listed companies in
quantum communication and artificial intelligence concept plates in Chinese
stock market as samples. Based on the original data of 2015-2019, the
influencing factors of financial support efficiency of new generation high-tech
listed companies were then empirically analyzed by
using DEA-BCC model and Tobit model. The
results showed that the ownership concentration, executive compensation and
regional digital inclusive finance level were main factors affecting the
financial support efficiency of new generation high-tech listed companies,
followed by the technological innovation capability and regional economic
development level. However, the influence of growth and comprehensive leverage were
limited, and the influence of profitability and capital structure were not
obvious. Accordingly, the main countermeasures to improve the financial support
efficiency of new generation high-tech industry were proposed, which included giving
full play to the advantages and potential of digital inclusive finance,
actively guiding enterprises to innovate management, improve quality and
efficiency, etc.