战略性新兴产业企业融资效率实证分析--以甘肃省为例

融资效率是衡量企业资金投入效果的核心标准。文章基于企业融资结构视角，选取2010年1季度-2015年3季度10家甘肃省战略性新兴产业上市公司样本，运用面板数据模型实证分析了甘肃省战略性新兴产业企业融资效率。实证结果表明：甘肃省战略性新兴产业企业债务融资效率最高，内源融资效率次之，股权融资效率不显著；不同期限的债务中，短期债务与企业利润负相关，长期债务则与企业利润正相关。最后，文章提出了加大银行信贷支持、拓宽资本市场融资渠道以及提升企业自身价值的建议。

An Empirical Paper on the Corporate Financing Efficiency of Strategic Emerging Industry in Gansu Province

Financing efifciency is the core standard to measure the effect of capital investment. This paper, from the perspective of ifnancing structure, uses panel data model in the empirical analysis of the corporate ifnancing efifciency, choosing the data of 10 listed companies of strategic emerging industry in Gansu Province which is from the ifrst quarter of 2010 to the 3rd quarter of 2015 as the sample. The results show that the debt ifnancing efifciency is the highest, the endogenous ifnancing efifciency is the second, and the efifciency of equity ifnancing is not signiifcant. In the study of different periods of debt, it is showed that the short-term debt and corporate proifts are negatively related, and the long-term debt is positively related to corporate profits. Finally, the article puts forward to increase bank credit support, broaden the capital market ifnancing channels, and enhance the enterprise's own value.