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Financial Support Efficiency of Listed Companies in the Strategic Emerging Industries

Zhai Huayun  
The nurturing and development of strategic emerging industries are major strategic choice of transforming China's economic development and leading to future sustainable economic development.Using the data of 112 listed companies from 7 strategic emerging industries and based on the DEA efficiency measurement form 2009 to 2011,it is found that the mean overall efficiency,pure technical efficiency and scale efficiency were growing in 2011 compared to 2010 and 2009.The equity financing efficiency of energy saving and environmental protection,new energy,new materials and IT industry increased much,while the equity financing efficiency of high-end technology and equipment industry showing no growth,but was still at a high level though,and the equity financing efficiency of biological and new energy automotive industry decreased slightly.After examined by Logit model,it is found that the listing of the company was conducive to maximize the value of strategic emerging industries,but the debt financing behavior had a negative impact on the efficiency of financial support.
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