ENVIRONMENTAL RESEARCH ON FINANCING EFFICIENCY AND DYNAMIC ADJUSTMENT OF CAPITAL STRUCTURE OF STRATEGIC EMERGING INDUSTRIES

摘要

The paper studies the relationship between the dynamic adjustment of capital structure and the financing efficiency of listed companies in China strategic emerging industries. The DEA (Data Envelopment Analysis) model is used to measure the financing efficiency of strategic emerging industries. Based on this, the relationship between the two is verified by the system GMM. The research indicates that the main indicators of the reverse impact of the dynamic adjustment of the capital structure of listed companies in China strategic emerging industries are company size, profitability, operational capability and development capability. The main indicators that have a positive impact on them are non-debt tax shields and financing. Efficiency, on the basis of verifying the relationship between the two, explore the optimisation of the basic structure of strategic emerging companies listed companies and improve financing efficienc.