中国新一代高新技术产业金融支持水平与效率评价研究

Evaluation on Financial Support Level and Efficiency of New Generation of High-tech Industry in China：Evidence from Listed Companies

摘要:

从金融资源被投入主体(企业)的角度出发,运用熵权-线性加权和法、DEA-BCC模型和DEA-Malmquist指数模型分别测度了2015-2019年中国省际新一代高新技术产业金融支持水平和效率,并进行静态分析和动态比较。结果表明,总体来看,新一代高新技术产业金融支持水平和效率均较低,银行贷款、股票融资和纯技术效率对水平和效率的整体贡献相对较小；债券融资是低水平省份的首要制约因素,其次是风险投资；纯技术效率是低效率省份的首要制约因素。新一代高新技术产业金融支持水平和效率均保持较好增长态势,银行贷款、政府补助和规模效率变动分别是水平增长和效率增长的主要动力；股票融资是水平下降省份的首要抑制因素,其次是债券融资和风险投资；技术进步变动是效率下降省份的首要抑制因素。

Abstract:

From the perspective of enterprise, the subject financial resources are invested in, this paper investigates the financial support level and efficiency of China"s inter-provincial new generation high-tech industry from 2015 to 2019 with the entropy-linear weighted sum method, DEA-BCC model, and Malmquist index model and compares the financial support level and efficiency from the static and dynamic angles. It is showed that: the financial support level and efficiency of China’s new generation high-tech industry are not high enough, respectively, the overall contribution of bank loan and stock financing to level and pure technical efficiency to efficiency are relatively small; bond financing is the primary constraint of low-level provinces, followed by venture capital; while pure technical efficiency is the primary constraint of low-efficiency provinces. However, the financial support level and efficiency of China’s new generation high-tech industry are on an upward trend, bank loan and government subsidy are the main motivation of level growth, while scale efficiency change is that of efficiency growth; for level-declining provinces, stock financing is the primary inhibiting factor, followed by bond financing and venture capital; while technological progress change is the primary inhibiting factor for efficiency-declining ones.