Research on financing ecology and financing efficiency of strategic emerging industries in China
Abstract
After integrating external ecological and endogenous factors of the development of the industry, the paper builds a financing ecology index system, and analyses the financing ecology of strategic emerging industries in recent years. Then the paper further analyses the influence of external and internal financing ecology on financing efficiency. The results show that the financing ecology of the strategic emerging industries, external financing ecology in particular, is in the continuous improvement. The financing efficiency is significantly positively correlated with the macro-economy level and the internal financing ecology, and significantly negatively correlated with the role of government. There is a positive but non-significant correlation between financial development and financing efficiency, meanwhile a negative and non-significant correlation between credit environment and financing efficiency. The internal and external financing ecology can be replaced to some extent. Therefore, the strategic emerging industries should give full consideration to the synergistic optimization of the endogenous factors and external financing ecology so as to improve the financing efficiency.
Keyword : external financing ecology, internal financing ecology, financing efficiency, strategic emerging industries, entropy method, super SBM DEA
How to Cite
Xu, K., Geng, C., & Wei, X. (2019). Research on financing ecology and financing efficiency of strategic emerging industries in China. Journal of Business Economics and Management, 20(2), 311-329. https://doi.org/10.3846/jbem.2019.9592
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Li, S. M., Chen, C., & Xu, J. M. (2016). Evaluation and analysis of financing efficiency of China’s new energy automobile industry – an empirical study based on DEA-Logit model. Science and Technology Management Research, 36(18), 57-63.
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Shao, Y. T., & Chen, S. Z. (2013). An empirical study on financing efficiency of listed bio-pharmaceutical enterprises in China based on DEA method. Science and Technology Management Research, 33(2), 181-185.
Song, G. H., Li, H. F., & Xu, L. (2017). Research on financing efficiency of small and medium-sized technology-based enterprise based on two-stage DEA. Science and Technology Management Research, 37(2), 191-195.
Wang, D. L. (2015). Study on the problems of the Beijing’s financial ecology (pp. 953-957). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-40660-7_142
Wang, H. R., & Geng, C. X. (2016a). Financing efficiency of new energy automobile industry – based on Super SBM DEA and Tobit model. Social Scientist, 11, 83-87.
Wang, H. R., & Geng, C. X. (2018). A study on the cooperation of financing ecology and financing efficiency of new energy industry in Jiangsu Province. East China Economic Management, 32(5), 14-19.
Wang, N., & Du, X. R. (2009). The construction of financial ecosystem for listed companies in China. Science Technology & Industry, 9(12), 73-76.
Wang, Q., & Geng, C. X. (2016b). Research on financing efficiency of listed companies of strategic emerging industries in Jiangsu province – based on panel data from 2009 to 2014. East China Economic Management, 30(7), 14-20.
Wang, X. X., & Geng, S. G. (2007). The construction of financial ecosystem based on the meaning of financial ecology. Retrieved from http://www.seiofbluemountain.com/search/detail.php?id=4052
Wang, Q., & Geng, C. X. (2017). Financial ecological environment, ownership and financing efficiency of strategic emerging industries. Economic Survey, 3, 87-92.
Wei, L. H., Li, M., & Cheng, G. (2016). Empirical analysis on financing efficiency of strategic emerging industries – taking Gansu province as an example. Journal of Jilin Financial Research, 5, 13-18. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFQ&dbname=CJFDLAST2016&filename=JLJR201605003&v=MjA3NjF5SEJmTEc0SDlmTXFvOUZaNFI4ZVgxTHV4WVM3RGgxVDNxVHJXTTFGckNVUkxPZlp1Um5GeWpsVzc3SUw=
Wei, Z. H., Zeng, A. M., & Li, B. (2014). Financial ecological environment and corporate financing constraint – based on the empirical research of listed companies in China. Accounting Research, 5, 73-80. https://doi.org/10.3969/j.issn.1003-2886.2014.05.009
Wurgler, J. (2001). Financial markets and the allocation of capital. Journal of Financial Economics, 58(1), 187-214. https://doi.org/10.1016/S0304-405X(00)00070-2
Xiao, M. (2011). The demonstration of financial ecosystem of “3+5” cities of Hunan province. Journal of Central South University of Forestry & Technology, 5(3), 45-47.
Xiong, W., & Geng, C. X. (2017). Financing ecological environment, financing capacity and R&D investment: An empirical study on listed companies of new material industry in China. International Journal of Economics and Finance, 9(11), 10-21. https://doi.org/10.5539/ijef.v9n11p10
Yang, G. Z., Zhang, F., & Chen, Z. Y. (2017). An empirical study on financing efficiency of companies in New Third Board Market. The Theory and Practice of Finance and Economics, 38(2), 48-53.
Yuan, Z. M., Wang, C., & Zhou, L. Q. (2018). Research on the financing efficiency of small and microsized technology-based enterprises in NEEQ – and analysis on the solution to the high financing cost of small and micro-sized technology-based enterprises. Price: Theory & Practice, 1, 110-113. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFQ&dbname=CJFDLAST2018&filename=JGLS201801028&uid=WEEvREdxOWJmbC9oM1NjYkZCbDdrdXdSeWhsdndIQ0xJenpINUE5NFBWWlI=$R1yZ0H6jyaa0en3RxVUd8df-oHi7XMMDo7mtKT6mSmEvTuk11l2gFA!!&v=MzE3MDR1eFlTN0RoMVQzcVRyV00xRnJDVVJMT2ZadVJuRnl2blc3ckpMeXJIZmJHNEg5bk1ybzlIYklSOGVYMUw=
Zeng, G., & Geng, C. X. (2018a). Static and dynamic empirical study on financing efficiency of strategic emerging industry. Journal of Civil Aviation University of China, 36(4), 59-64. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFD&dbname=CJFDLAST2018&filename=ZGMH201804013&uid=WEEvREdxOWJmbC9oM1NjYkZCbDdrdXdSeWhsdndIQ0xJenpINUE5NFBWWlI=$R1yZ0H6jyaa0en3RxVUd8df-oHi7XMMDo7mtKT6mSmEvTuk11l2gFA!!&v=MjQxNDZZUzdEaDFUM3FUcldNMUZyQ1VSTE9mWnVSbkZ5dmhXcnpPUHlyR1pyRzRIOW5NcTQ5RVo0UjhlWDFMdXg=
Zeng, G., & Geng, C. X. (2018b). Financing efficiency measure and strategy of collaborative development of Beijing-Tianjin-Hebei strategic emerging industries. Forum on Science and Technology in China, 12, 142-149.
Zhang, Z. F., & Chen, X. (2005). The theoretical foundation of financial ecosystem environment construction in the district. Journal of Jiangsu Polytechnic University, 6(4), 31-33.
Beck, T., & Torre, A. D. L. (2007). The basic analytics of access to financial services. Financial Market, 16(2), 79-117. https://doi.org/10.1111/j.1468-0416.2007.00120.x
Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207-252. https://doi.org/10.1111/j.1475-679X.2004.00136.x
Coleman, S., Cotei, C., & Farhat, J. (2016). The debt-equity financing decisions of U.S. startup firms. Journal of Economics & Finance, 40(1), 105-126. https://doi.org/10.1007/s12197-014-9293-3
Deng, C., Wei, H. W., & Tang, Y. (2013). DEA method-based research on financing efficiency evaluation of listed environmental protection enterprises in China. Journal of Central South University (Social Science Edition), 19(5), 8-12.
Elbannan, M. A. (2009). Quality of internal control over financial reporting, corporate governance and credit ratings. International Journal of Disclosure & Governance, 6(2), 127-149. https://doi.org/10.1057/jdg.2008.32
Fernandes, N. (2011). Global convergence of financing policies: Evidence for emerging-market firms. Journal of International Business Studies, 42(8), 1043-1059. https://doi.org/10.1057/jibs.2011.27
Gartner, W. B. (2012). Financing the emerging firm. Small Business Economics, 39(3), 745-761. https://doi.org/10.1007/s11187-011-9359-y
Geng, C. X., Li, M., & E Hai-Tao. (2018). Financing efficiency and financing constraints of new energy enterprises – based on the empirical analysis of A share new energy listed companies in China. East China Economic Management, 1, 153-159.
Gomariz, C., & Ballesta, S. (2014). Financial reporting quality, debt maturity and investment efficiency. Journal of Banking & Finance, 3(40), 494-506. https://doi.org/10.1016/j.jbankfin.2013.07.013
Habib, A. (2008). Corporate transparency, financial development and the allocation of capital: empirical evidence. Abacus, 44(1), 1-21. https://doi.org/10.1111/j.1467-6281.2007.00246.x
Hannan, M. T., & Freeman, J. (1977). The population ecology of oganizations. American Journal of Sociology, 82(5), 929-964. https://doi.org/10.1086/226424
Jalilvand, A., & Harris, R. S. (1984). Corporate behavior in adjusting to capital structure and dividend targets: an econometric study. Journal of Finance, 39(1), 127-145. https://doi.org/10.1111/j.1540-6261.1984.tb03864.x
Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial & Quantitative Analysis, 41(4), 787-807. https://doi.org/10.1017/S0022109000002647
Li, J. W., Wang, Y. C., & Yang, Z. D. (2014). Research on financing efficiency of listed companies in strategic emerging industries – take Beijing as an example. Research on Economics and Management, 6, 74-82.
Li, S. M., Chen, C., & Xu, J. M. (2016). Evaluation and analysis of financing efficiency of China’s new energy automobile industry – an empirical study based on DEA-Logit model. Science and Technology Management Research, 36(18), 57-63.
Li, Y., & Kuhn, R. L. (Eds.). (2015). Regional differences in asset quality and financial ecology. In China’s Banking & Financial Markets (Chapter 14). https://doi.org/10.1002/9781119207757.ch14
Pan, Y. M., Yu, Q. R., & Zhu, M. D. (2016). Research on the evaluation and influencing factors of the financing efficiency of environmental protection industry in China. East China Economic Management, 30(2), 77-83.
Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. https://doi.org/10.1086/250042
Rocca, M. L., Staglianò, R., Rocca, T. L., Cariola, A., & Skatova, E. (2018). Cash holdings and SME performance in Europe: The role of firm-specific and macroeconomic moderators. Small Business Economics, 9, 1-28. https://doi.org/10.1007/s11187-018-0100-y
Rodrik, D. (1996). Coordination failures and government policy: A model with applications to East Asia and Eastern Europe. Journal of International Economics, 40(1-2), 1-22. https://doi.org/10.1016/0022-1996(95)01386-5
Rossi, M., Lombardi, R., Siggia, D., & Oliva, N. (2015). The impact of corporate characteristics on the financial decisions of companies: evidence on funding decisions by Italian SMEs. Journal of Innovation & Entrepreneurship, 5(1), 2. https://doi.org/10.1186/s13731-015-0031-7
Shao, Y. T., & Chen, S. Z. (2013). An empirical study on financing efficiency of listed bio-pharmaceutical enterprises in China based on DEA method. Science and Technology Management Research, 33(2), 181-185.
Song, G. H., Li, H. F., & Xu, L. (2017). Research on financing efficiency of small and medium-sized technology-based enterprise based on two-stage DEA. Science and Technology Management Research, 37(2), 191-195.
Wang, D. L. (2015). Study on the problems of the Beijing’s financial ecology (pp. 953-957). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-40660-7_142
Wang, H. R., & Geng, C. X. (2016a). Financing efficiency of new energy automobile industry – based on Super SBM DEA and Tobit model. Social Scientist, 11, 83-87.
Wang, H. R., & Geng, C. X. (2018). A study on the cooperation of financing ecology and financing efficiency of new energy industry in Jiangsu Province. East China Economic Management, 32(5), 14-19.
Wang, N., & Du, X. R. (2009). The construction of financial ecosystem for listed companies in China. Science Technology & Industry, 9(12), 73-76.
Wang, Q., & Geng, C. X. (2016b). Research on financing efficiency of listed companies of strategic emerging industries in Jiangsu province – based on panel data from 2009 to 2014. East China Economic Management, 30(7), 14-20.
Wang, X. X., & Geng, S. G. (2007). The construction of financial ecosystem based on the meaning of financial ecology. Retrieved from http://www.seiofbluemountain.com/search/detail.php?id=4052
Wang, Q., & Geng, C. X. (2017). Financial ecological environment, ownership and financing efficiency of strategic emerging industries. Economic Survey, 3, 87-92.
Wei, L. H., Li, M., & Cheng, G. (2016). Empirical analysis on financing efficiency of strategic emerging industries – taking Gansu province as an example. Journal of Jilin Financial Research, 5, 13-18. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFQ&dbname=CJFDLAST2016&filename=JLJR201605003&v=MjA3NjF5SEJmTEc0SDlmTXFvOUZaNFI4ZVgxTHV4WVM3RGgxVDNxVHJXTTFGckNVUkxPZlp1Um5GeWpsVzc3SUw=
Wei, Z. H., Zeng, A. M., & Li, B. (2014). Financial ecological environment and corporate financing constraint – based on the empirical research of listed companies in China. Accounting Research, 5, 73-80. https://doi.org/10.3969/j.issn.1003-2886.2014.05.009
Wurgler, J. (2001). Financial markets and the allocation of capital. Journal of Financial Economics, 58(1), 187-214. https://doi.org/10.1016/S0304-405X(00)00070-2
Xiao, M. (2011). The demonstration of financial ecosystem of “3+5” cities of Hunan province. Journal of Central South University of Forestry & Technology, 5(3), 45-47.
Xiong, W., & Geng, C. X. (2017). Financing ecological environment, financing capacity and R&D investment: An empirical study on listed companies of new material industry in China. International Journal of Economics and Finance, 9(11), 10-21. https://doi.org/10.5539/ijef.v9n11p10
Yang, G. Z., Zhang, F., & Chen, Z. Y. (2017). An empirical study on financing efficiency of companies in New Third Board Market. The Theory and Practice of Finance and Economics, 38(2), 48-53.
Yuan, Z. M., Wang, C., & Zhou, L. Q. (2018). Research on the financing efficiency of small and microsized technology-based enterprises in NEEQ – and analysis on the solution to the high financing cost of small and micro-sized technology-based enterprises. Price: Theory & Practice, 1, 110-113. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFQ&dbname=CJFDLAST2018&filename=JGLS201801028&uid=WEEvREdxOWJmbC9oM1NjYkZCbDdrdXdSeWhsdndIQ0xJenpINUE5NFBWWlI=$R1yZ0H6jyaa0en3RxVUd8df-oHi7XMMDo7mtKT6mSmEvTuk11l2gFA!!&v=MzE3MDR1eFlTN0RoMVQzcVRyV00xRnJDVVJMT2ZadVJuRnl2blc3ckpMeXJIZmJHNEg5bk1ybzlIYklSOGVYMUw=
Zeng, G., & Geng, C. X. (2018a). Static and dynamic empirical study on financing efficiency of strategic emerging industry. Journal of Civil Aviation University of China, 36(4), 59-64. Retrieved from http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFD&dbname=CJFDLAST2018&filename=ZGMH201804013&uid=WEEvREdxOWJmbC9oM1NjYkZCbDdrdXdSeWhsdndIQ0xJenpINUE5NFBWWlI=$R1yZ0H6jyaa0en3RxVUd8df-oHi7XMMDo7mtKT6mSmEvTuk11l2gFA!!&v=MjQxNDZZUzdEaDFUM3FUcldNMUZyQ1VSTE9mWnVSbkZ5dmhXcnpPUHlyR1pyRzRIOW5NcTQ5RVo0UjhlWDFMdXg=
Zeng, G., & Geng, C. X. (2018b). Financing efficiency measure and strategy of collaborative development of Beijing-Tianjin-Hebei strategic emerging industries. Forum on Science and Technology in China, 12, 142-149.
Zhang, Z. F., & Chen, X. (2005). The theoretical foundation of financial ecosystem environment construction in the district. Journal of Jiangsu Polytechnic University, 6(4), 31-33.