文章聚焦资金要素对战略性新兴产业的驱动效应,紧紧围绕产业资金供给与需求分析产业发展的融资效率低下问题展开分析。从方法上,本文对融资效率评价模型进行拓展,克服传统径向模型变量“松弛”的不足,构建了以Surper-SBM模型为基础的中国战略性新兴产业融资效率评价的方法,以探究企业融资效率不足的内在动因。通过利用2010-2016年上市公司样本数据进行实证测算的结果表明：只有2.4%的上市公司实现融资效率有效,有97.6%的企业的平均融资效率保持在0.786水平,企业通过改善融资结构,减少投资冗余提高有利于提高融资效率；另外,从七大子行业融资效率来看,生物行业效率最高,均值为0.8248,新能源汽车产业效率最低,均值为0.7636,不同行业发展呈现差异性。最后,利用二元离散性Logit选择模型对影响战略性新兴产业融资效率的因素分析表明：在其他内外部环境保持稳定的情况下,股东权益比率和资产负债率越小,上市公司融资效率越高,非流通股比例越高,融资效率越低。

This paper focuses on the driving effect of capital factors on strategic emerging industries and focuses on the low financing efficiency of industrial capital supply and demand analysis. From the method, this paper expand financing efficiency evaluation model, overcoming the insufficiency of the traditional model of radial variable "relaxation", build a Surper - SBM model on the basis of building our country"s financing efficiency evaluation methods of strategic emerging industries to explore the inner drive of enterprise financing efficiency is insufficient. Then, using the sample data of listed companies from 2010 to 2016 the empirical study shows that only 2.4% of the listed companies financing efficiency, the average 97.6% of corporate financing efficiency remain at the 0.786 level, by improving the financing structure, reduce redundant investment financing efficiency has a large space; In addition, according to the financing efficiency of seven major sub-industries, the biological industry has the highest efficiency, with an average value of 0.8248, and the new energy automobile industry has the lowest efficiency, with an average value of 0.7636. Finally, using the discrete Logit choice model on the influencing factors of strategic emerging industries financing efficiency further analysis found that in the case of other internal and external environment is stable, shareholders" equity ratio and the smaller the asset-liability ratio, the listed company financing efficiency is higher, the higher the proportion of non-tradable shares, the lower the financing efficiency.

F127；F275.6

国家社会科学：战略性新兴产业融资效率、融资生态及其协同进化机制研究(15BGL056)；江苏高校哲学社会科学研究重点项目：新常态下江苏战略性新兴产业资本配置效率及其协同进化机制研究(2015ZDIXM008)；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：“互联网+”背景下的民航经济管理特色数据库建设思路研究及实施初探(2017EMBA03)