融资约束是制约高端装备制造业发展的瓶颈问题。文章充分发挥Surper-SBM精准测量融资效率值并排序的优势,利用2010-2016年45家上市公司的2205个观测值,计算高端装备制造业企业的不同融资效率值,并根据目标效率值大小对企业进行分区。同时,为了探究影响融资效率变化的关键因素,利用Malquist指数模型研究综合效率指数轨迹、技术效率轨迹和技术进步效率轨迹的动态变动。研究表明：我国高端装备业整体的融资效率均值大于0.85,但91.11%的上市公司处于非效率状态；Malquist平均指数总体保持在1.0左右的水平,但是融资效率呈现波动性特征；技术效率指数受规模效率影响大而纯技术效率作用不明显；88.89%的企业注重持续的技术创新,但是技术进步因素还未成为提升融资效率的主要动力源。

Financing constraint is the bottleneck restricting the development of high-end equipment manufacturing industry. Article give full play to the Surper-SBM accurately measuring the advantage of financing efficiency value and sorted, forty-five listed companies from 2010 to 2016 of 2205 observations, high-end equipment manufacturing enterprises of different financing efficiency was calculated, and according to the target efficiency value rho size partition of the enterprise. At the same time, in order to explore the key factors that affect the financing efficiency change, Malquist index model was used to study the comprehensive efficiency index tracks, technical efficiency and technical progress track changes in the dynamic efficiency. Research shows that: China"s high-end equipment industry as a whole the financing efficiency of the mean is greater than 0.85, but 91.11% of the listed company is in a state of no efficiency；Malquist average index remains generally at the levels of around 1.0, but the financing efficiency has volatility characteristics; Technical efficiency index affected by scale efficiency and pure technical efficiency effect is not obvious; 88.89% of companies pay attention to continuous technological innovation, but technological progress factor has not yet become a main power source of the financing efficiency of ascension.

F127；F275.6

国家社会科学(15BGL056)；江苏高校哲学社会科学研究重点项目(2015ZDIXM008)；中央高校基本科研业务费专项资金资助项目( NP2015302)；中国民航航空运输经济与管理科学研究基地开放基金资助项目(2017EMBA03)