Abstract:
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 nonstate 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.
