CAJ | 학술논문

依据异质性随机前沿模型对融资约束下的战略性新兴产业投资效率进行测算,研究结果表明：融资约束下的战略性新兴产业实际平均投资效率比最优水平低29.8%;股权融资和债权融资在缓解融资约束方面较为有效,但却带来了未来融资的不确定性。进一步研究发现,国有企业和东部地区企业面临的融资约束水平较低,规模较大的企业和非国有企业具有较高的投资效率。基于此,可以通过提高自身盈利能力,适度降低融资门槛,建立与完善国内风险投资市场、创业投资和股权投资基金,逐步解除我国战略性新兴产业的融资约束及其融资不确定性,从而全面推动我国战略性新兴产业的繁荣和发展。
의거이질성수궤전연모형대융자약속하적전략성신흥산업투자효솔진행측산,연구결과표명：융자약속하적전략성신흥산업실제평균투자효솔비최우수평저29.8%;고권융자화채권융자재완해융자약속방면교위유효,단각대래료미래융자적불학정성。진일보연구발현,국유기업화동부지구기업면림적융자약속수평교저,규모교대적기업화비국유기업구유교고적투자효솔。기우차,가이통과제고자신영리능력,괄도강저융자문함,건립여완선국내풍험투자시장、창업투자화고권투자기금,축보해제아국전략성신흥산업적융자약속급기융자불학정성,종이전면추동아국전략성신흥산업적번영화발전。
A measurement of the investment efficiency of new strategic industries under the constraint of financing by the Heterogeneous Stochastic Frontier Model finds that the average investment efficiency of new strategic industries is 29. 8% lower that the best. While the stock right and obligatory right financing is relatively effective in softening financing constraint,it brings about the uncertainty of future financing. Further analysis shows that state enterprises and enterprises in Eastern China are faced with a low level of investment financing,but large- size enterprises and non-state enterprises enjoy a relatively high level of investment efficiency. Based on these results,it is recommended that the uncertainty and constraint of investment financing faced by our new strategic industries can hope to be gradually removed by elevating their own capacity of making profits,properly reducing the criteria of investment financing,and establishing and perfecting domestic market of venture capital,startup investment and fund of stock right investment so as to wholesomely promote the development and prosperity of our new strategic industries.