Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index
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...
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| Format: | Article |
| Language: | English |
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Society for Risk Analysis - China
2020-11-01
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| Series: | Journal of Risk Analysis and Crisis Response (JRACR) |
| Subjects: | |
| Online Access: | https://www.atlantis-press.com/article/125945760/view |
| _version_ | 1818466857764519936 |
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| author | Zhi-yuan Lü Mu Zhang |
| author_facet | Zhi-yuan Lü Mu Zhang |
| author_sort | Zhi-yuan Lü |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-04-13T21:02:23Z |
| format | Article |
| id | doaj.art-0420caf24528459c936d723b1969ffe9 |
| institution | Directory Open Access Journal |
| issn | 2210-8505 |
| language | English |
| last_indexed | 2024-04-13T21:02:23Z |
| publishDate | 2020-11-01 |
| publisher | Society for Risk Analysis - China |
| record_format | Article |
| series | Journal of Risk Analysis and Crisis Response (JRACR) |
| spelling | doaj.art-0420caf24528459c936d723b1969ffe92022-12-22T02:30:06ZengSociety for Risk Analysis - ChinaJournal of Risk Analysis and Crisis Response (JRACR)2210-85052020-11-0110410.2991/jracr.k.201028.001Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu IndexZhi-yuan LüMu ZhangIn 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.https://www.atlantis-press.com/article/125945760/viewStrategic emerging industrieslisted companiesequity financing efficiencyinfluencing factorsBaidu IndexTobit model |
| spellingShingle | Zhi-yuan Lü Mu Zhang 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) Strategic emerging industries listed companies equity financing efficiency influencing factors Baidu Index Tobit model |
| title | Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index |
| title_full | Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index |
| title_fullStr | Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index |
| title_full_unstemmed | Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index |
| title_short | Influencing Factors of Equity Financing Efficiency of the Listed Companies in Strategic Emerging Industry Based on Baidu Index |
| title_sort | influencing factors of equity financing efficiency of the listed companies in strategic emerging industry based on baidu index |
| topic | Strategic emerging industries listed companies equity financing efficiency influencing factors Baidu Index Tobit model |
| url | https://www.atlantis-press.com/article/125945760/view |
| work_keys_str_mv | AT zhiyuanlu influencingfactorsofequityfinancingefficiencyofthelistedcompaniesinstrategicemergingindustrybasedonbaiduindex AT muzhang influencingfactorsofequityfinancingefficiencyofthelistedcompaniesinstrategicemergingindustrybasedonbaiduindex |