Financing Efficiency Measure and Strategy of Collaborative Developmen of Beijing-Tianjin-Hebei Strategic Emerging Industries
Zeng Gang1,2,Geng Chengxuan1
1.College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China; 2.College of Economics and Management,CAUC,Tianjin 300300,China;
Abstract：This paper takes full advantage of Super SBM model that overcomes“relaxation”variable error and Malmquist model that can reflect changes in sample efficiency values of different time series,to expand the application of DEA model.Also,a total of 4914 observations of 117 listed companies in Shanghai and Shenzhen from 2011 to 2016 are selected to provide a static and dynamic assessment of the financing efficiency of Beijing-Tianjin-Hebei strategic emerging industries.What is more,Tobit model is applied to analyze the external environmental factors that affect financing efficiency.The research shows that the average financing efficiency of Beijing-Tianjin-Hebei strategic emerging industries is less than 1,the phenomenon of capital investment redundancy is conspicuous and the average financing efficiency is highest in Tianjin,followed by Hebei,the lowest in Beijing.The last finding is in close relation to the different phases of the life cycle of strategic emerging industries in Beijing,Tianjin and Hebei.Beijing's industrial clusters are maturing,while both Tianjin and Hebei are still at the initial stage of industrial development.Besides,from the Malmquist index of financing efficiency two conclusions are reached:firstly,the technical progress index has the greatest impact on Beijing,and secondly the technical efficiency index has a significant impact on Tianjin and Hebei.In the end,according to the analysis of external environmental impact factors,external variables such as regional GDP and technology market transaction size are positively correlated with the financing efficiency of strategic emerging industries.
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