The Influencing Factors of Financial Support Efficiency of New Generation High-Tech Industry in China: Evidence from Listed Companies

Abstract

In order to improve the financial support efficiency of new generation high-tech industry in China, from the perspective of the subject (enterprise) in which financial resources were invested, this paper selected 192 listed companies in quantum communication and artificial intelligence concept plates in Chinese stock market as samples. Based on the original data of 2015-2019, the influencing factors of financial support efficiency of new generation high-tech listed companies were then empirically analyzed by using DEA-BCC model and Tobit model. The results showed that the ownership concentration, executive compensation and regional digital inclusive finance level were main factors affecting the financial support efficiency of new generation high-tech listed companies, followed by the technological innovation capability and regional economic development level. However, the influence of growth and comprehensive leverage were limited, and the influence of profitability and capital structure were not obvious. Accordingly, the main countermeasures to improve the financial support efficiency of new generation high-tech industry were proposed, which included giving full play to the advantages and potential of digital inclusive finance, actively guiding enterprises to innovate management, improve quality and efficiency, etc.