Financial Ecological Environment, Ownership and Financing Efficiency of Strategic Emerging Industry
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Financial Ecological Environment, Ownership and Financing Efficiency of Strategic Emerging Industry
WANG Qiong1,2, GENG Cheng-xuan1
1. College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China; 2. School of Mathematics and Physics, Changzhou University, Changzhou 213164, China
Abstract Incorporating ownership and financial ecological environment into the investigation of financing efficiency, this research used data of 385 companies listed during 2009-2014 as samples, and empirically studied the impact of financial ecological environment on the financing efficiency of state-owned and non-state-owned listed companies. The results show that the financing efficiency of non-state-owned listed companies is significantly higher than that of state-owned listed companies, which is mainly influenced by government intervention. There is an asymetric inverted V-shaped relation between government intervention and financing efficiency of state-owned companies, and an asymetric V-shaped relation between government intervention and fiancing efficiency of non-state-owned companies. The more different the intervention degree of the government, the more different the influence mechanism which the financial development and credit culture exert on the financing efficiency of different types of companies. The major influencing factor for the financing efficiency of state-owned companies is government intervention.
2017, Vol. 34 
