Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index

Journal of Risk Analysis and Crisis Response JRACR Pub Date : 2020-11-01 DOI:10.2991/jracr.k.201028.001

Zhi-yuan Lü, Mu Zhang

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引用次数: 1

Abstract

为进一步提高战略性新兴产业上市公司股权融资效率,本文选取2014-2018年208家战略性新兴产业上市公司相关数据,通过DEA-Malmquist模型计算出规模效率变动、纯技术效率变动和全要素生产率变动并将三者作为股权融资效率的代表变量,同时运用Tobit模型对所选取的资产负债率、应收账款周转率和子产业网络关注度等11个变量的年增长率进行分析,找出其中影响显著的变量。研究结果表明:在相关的年增长率变量中,子产业网络关注度对战略性新兴产业上市公司股权融资规模效率变动、纯技术效率变动和全要素生产率变动都有显著影响,其中对规模效率变动的影响是负向的,但资产负债率、资产报酬率、总资产、无形资产、日收益波动率和前三名高管薪酬对三者都无显著影响;应收账款周转率、净利润增长率只对战略性新兴产业上市公司股权融资规模效率变动和全要素生产率变动有显著正向影响,而股权集中度只对二者有显著负向影响;综合杠杆和资产报酬率这两个变量前者只对全要素生产率变动有显著负向影响,后者只对纯技术效率变动产生显著正向影响。得出结论为:对于战略性新兴产业上市公司股权融资效率的影响因素中除常见的财务指标和非财务指标外,百度指数大数据指标作用凸显。.

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