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

DOI

10.2991/jracr.k.201028.001How to use a DOI?

Keywords

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

Abstract

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

Copyright

© 2020 The Authors. Published by Atlantis Press B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - JOUR
AU  - Zhi-yuan Lü
AU  - Mu Zhang
PY  - 2020
DA  - 2020/11/06
TI  - Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index
JO  - Journal of Risk Analysis and Crisis Response
SP  - 130
EP  - 137
VL  - 10
IS  - 4
SN  - 2210-8505
UR  - https://doi.org/10.2991/jracr.k.201028.001
DO  - 10.2991/jracr.k.201028.001
ID  - Lü2020
ER  -