关键词: 战略性新兴产业, 上市公司, Super-SBM 模型, Malmquist 指数, 融资生态

Abstract: A static financing efficiency evaluation model is constructed employing nonparametric estimation Surper-SBM DEA model, the evaluating indicator system is built basing on equity, debt and endogenous financing. Meanwhile,dynamic evolution of financing efficiency is evaluated by using DEA-Malmquis index model from the perspective of time series. In the empirical research stage, 672 observation values of listed companies in strategic emerging industries of Tianjin are selected from 2010 to 2015. Static research results show that 93.7% of enterprises'financing efficiency is less than 1, which is almost in an inefficient state, and 80% of the sample enterprises with high financing efficiency are from the biological industry. According to the dynamic evaluation results, the average Malmquist index of sample companies during 6 years is 0.818, and the technological progress can influence the investment structure and proportion of equity financing, debt financing and endogenous financing.Finally, in order to promote the development of Tianjin strategic emerging industry, it is suggested to support the quantitative and qualitative increase of related enterprises from capital supply side, drive financing ecology optimization relying on technological innovation, and build a good financial support policy system.

Key words: strategic emerging industry, listed company, Super-SBM model, Malmquist index, financing ecology