Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index

Journal of Risk Analysis and Crisis Response: JRACR

article

Zhi-yuan Lü¹  Mu Zhang¹ 

[1] School of Big Data Application and Economics, Guizhou University of Finance and Economics;Guizhou Institution for Technology Innovation & Entrepreneurship Investment, Guizhou University of Finance and Economics

关键词: Strategic emerging industries;    listed companies;    equity financing efficiency;    influencing factors;    Baidu Index;    Tobit model;   

DOI  :  10.2991/jracr.k.201028.001

来源: Atlantis Press

【 摘 要 】

In order to further improve the equity financing efficiency of listed companies in strategic emerging industries, this paper selectsrelevant data of 208 listed companies in strategic emerging industries from 2014 to 2018, and calculates the changes in scaleefficiency, pure technical efficiency and total factor productivity through the Data envelopment analysis (DEA)-Malmquistmodel. Taking the three as representative variables of equity financing efficiency, at the same time, using the Tobit model toanalyze the annual growth rate of selected 11 variables including asset-liability ratio, accounts receivable turnover rate and subindustry network attention, and find out which variables that have a significant impact. The research results show that among therelevant annual growth rate variables, the degree of attention of sub-industry networks has a significant impact on the changesin the scale efficiency of equity financing of listed companies in strategic emerging industries, the changes in pure technicalefficiency, and the changes in total factor productivity, among which the changes in scale efficiency The impact of is negative, butasset-liability ratio, return on assets, total assets, intangible assets, daily return volatility and top three executive compensationhave no significant impact on the three; accounts receivable turnover rate, net profit. The growth rate only has a significantpositive effect on the changes in the scale and efficiency of equity financing of listed companies in strategic emerging industriesand the changes in total factor productivity, while the concentration of equity only has a significant negative effect on both; thetwo variables of comprehensive leverage and return on assets. The former only has a significant negative impact on changesin total factor productivity, while the latter only has a significant positive impact on changes in pure technical efficiency. Theconclusion is: in addition to the common financial indicators and non-financial indicators, the big data indicators of Baidu Indexhave a prominent role in the factors affecting the equity financing efficiency of listed companies in strategic emerging industries.

【 授权许可】

Unknown