【作者】 徐庆；

【导师】 任海军；

【作者基本信息】 兰州大学 ， 应用经济学·金融学， 2023， 硕士

【摘要】 自2008年金融危机以来,世界经济增长动能明显不足,各国都将振兴制造业作为破解经济发展困局的手段。高端装备制造业属于尖端领域,是未来产业的制高点,是决胜新一轮科技革命和产业变革的先手棋,集中体现了高质量发展水平。“中国制造2025”战略为我国高端装备制造业发展指明了方向。但目前我国制造业发展与发达国家仍有差距。2023年3月,习近平总书记强调任何时候中国都不能缺少制造业。目前,我国制造业门类、品质齐全,下一步要努力发展高端制造业,实现全面提升,高质量发展要体现在这里。高端装备制造业迎来了新的发展契机,有望成为我国经济增长的新引擎。但近年来在多种因素冲击下,世界经济发展缓慢,融资难、融资贵问题进一步突出,影响高端装备制造业的发展。2022年5月,国务院印发《扎实稳住经济的一揽子政策措施》强调提高资本市场的融资效率,为重点领域企业提供融资支持。提升融资效率将为高端装备制造业提供资金支持,助力企业高质量发展。因此,研究高端装备制造业融资效率及影响因素,有利于找到企业融资困境的根源,为企业融资决策提供参考依据,有效缓解融资约束,助力高质量发展。同时,也为相关部门针对性出台支持性产业政策提供参考。论文通过梳理和汇总相关文献成果,界定了高端装备制造业、融资效率和企业高质量发展相关概念,归纳了融资、效率和金融发展相关理论。在此基础上,利用2013-2021年135家中国高端装备制造业上市企业面板数据,分析高端装备制造业的发展现状及融资现状,再分别运用DEA-BCC模型和Global Malmquist指数,从动态、静态两个角度分行业、区域和产权性质分析高端装备制造业上市企业的融资效率水平及差异,最后运用面板Tobit回归模型分析融资效率的主要影响因素,并针对性提出改善企业融资效率的对策建议。论文经过理论分析和实证测评,得出以下结论:第一,我国高端装备制造业上市企业综合技术效率、纯技术效率、规模效率整体属于高融资效率区间,实现了融资效率改善,但未实现帕累托最优,绝大多数企业属于非DEA有效。第二,我国高端装备制造业上市企业融资效率提升主要得益于规模效率变化,但技术进步的限制作用明显。融资效率及影响融资效率变动的关键因子在行业、区域和产权方面均表现出差异性。第三,总资产、研发费用、净资产收益率、营业利润率、存货周转率和第二产业GDP增加率与融资效率显著正相关;资产负债率和财务费用率与融资效率显著负相关。且融资效率的影响因素存在行业异质性、区域异质性和产权异质性。更多还原

【Abstract】 Since the 2008 financial crisis,there has been a significant lack of driving force for global economic growth.Countries have taken revitalizing the manufacturing sector as a means to overcome the difficulties in economic development.As a cutting-edge field,the high-end equipment manufacturing industry is the commanding peak of the future industry.It is the vanguard to win the new round of scientific and technological revolution and industrial transformation,and embodies the level of high-quality development.The "Made in China 2025" strategy has pointed out the direction for the development of China’s high-end equipment manufacturing industry.But at present our country manufacturing industry development and developed country still has the disparity.Our manufacturing industry has complete categories and quality.Next,we should strive to develop high-end manufacturing industry and improve it comprehensively.The development of high quality should be reflected here.The high-end equipment manufacturing industry has ushered in a new development opportunity and is expected to become a new engine for China’s economic growth.However,in recent years,under the impact of various factors,the world economy is developing slowly,and financing is difficult and expensive,which affects the development of high-end equipment manufacturing industry.In May 2022,The State Council issued a Package of Policy Measures to Stabilize the Economy,emphasizing improving the financing efficiency of the capital market and providing financing support to enterprises in key areas.Improving financing efficiency will provide financial support for high-end equipment manufacturing and help enterprises develop in high quality.Therefore,studying the financing efficiency and influencing factors of high-end equipment manufacturing industry is conducive to finding the root cause of enterprises’ financing difficulties,providing reference for enterprises’ financing decisions,effectively alleviating financing constraints,and promoting high-quality development.At the same time,it also provides reference for relevant departments to introduce supportive industrial policies.The paper defines the concepts of high-end equipment manufacturing industry,financing efficiency,and high-quality development of enterprises by sorting and summarizing relevant literature achievements,and summarizes the theories of financing,efficiency,and financial development.On this basis,we use the panel data of 135 Chinese high-end equipment manufacturing listed companies from 2013 to2021 to analyze the development status and financing status of high-end equipment manufacturing industry,and then use DEA-BCC model and Global Malmquist index to analyze the financing efficiency level and difference of high-end equipment manufacturing listed companies from the dynamic and static perspectives by industry,region and property right nature,Finally,the panel Tobit regression model is used to analyze the main influencing factors of financing efficiency,and targeted suggestions are proposed to improve corporate financing efficiency.After theoretical analysis and empirical evaluation,the paper draws the following conclusions: First,the comprehensive technical efficiency,pure technical efficiency,and scale efficiency of listed companies in China’s high-end equipment manufacturing industry as a whole belong to the high financing efficiency range,achieving improved financing efficiency,but not achieving Pareto optimization.The vast majority of enterprises are non DEA efficient.Secondly,the improvement of financing efficiency of listed companies in China’s high-end equipment manufacturing industry mainly benefits from changes in scale efficiency,but the restrictive effect of technological progress is obvious.Financing efficiency and key factors that affect changes in financing efficiency show differences in industry,region,and property rights.Third,total assets,research and development expenses,return on net assets,operating profit margin,inventory turnover rate,and GDP growth rate of the secondary industry are significantly positively correlated with financing efficiency;Asset liability ratio and financial expense ratio are significantly negatively correlated with financing efficiency.And the influencing factors of financing efficiency include industry heterogeneity,regional heterogeneity,and property rights heterogeneity.更多还原