Journal of Risk Analysis and Crisis Response

Volume 10, Issue 4, December 2020, Pages 130 - 137

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

Authors
Zhi-yuan Lü1, Mu Zhang1, 2, *
1School of Big Data Application and Economics, Guizhou University of Finance and Economics, Guiyang 550025, China
2Guizhou Institution for Technology Innovation & Entrepreneurship Investment, Guizhou University of Finance and Economics, Guiyang 550025, China
*Corresponding author. Email: rim_007@163.com
Corresponding Author
Mu Zhang
Received 21 August 2020, Accepted 22 October 2020, Available Online 6 November 2020.
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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Journal
Journal of Risk Analysis and Crisis Response
Volume-Issue
10 - 4
Pages
130 - 137
Publication Date
2020/11/06
ISSN (Online)
2210-8505
ISSN (Print)
2210-8491
DOI
10.2991/jracr.k.201028.001How to use a DOI?
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/).

Cite this article

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  -