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Author:

Liu, Tingli (Liu, Tingli.) (Scholars:刘亭立) | Chen, Xiao (Chen, Xiao.) | Liu, Jianing (Liu, Jianing.)

Indexed by:

SSCI Scopus SCIE

Abstract:

This study investigates the effect of economic policy uncertainty on financing efficiency in China's high-tech manufacturing industry from static and dynamic perspectives. Using data envelopment analysis (DEA) and the Malmquist index, we measure financing efficiency and its changes over time. The results show that China's high-tech manufacturing firms exhibit low static financing efficiency, yet they exhibit relatively high dynamic efficiency. A significant positive relationship is found between economic policy uncertainty and both static and dynamic financing efficiency. The uncertainty motivates firms to improve their financing efficiency, mainly by enhancing technical and scale efficiency and by increasing comprehensive efficiency. Moreover, different financing channels, such as commercial credit, equity financing, bank credit, and internal financing, have varied effects on the relationship between economic policy uncertainty and static financing efficiency. This study demonstrates that high-tech manufacturing enterprises can respond to economic policy uncertainty by improving their financing efficiency.

Keyword:

data envelopment analysis (DEA) high-tech manufacturing industry Malmquist index economic policy uncertainty static-dynamic financing efficiency

Author Community:

  • [ 1 ] [Liu, Tingli]Beijing Univ Technol, Sch Econ & Management, Beijing 100124, Peoples R China
  • [ 2 ] [Chen, Xiao]Beijing Univ Technol, Sch Econ & Management, Beijing 100124, Peoples R China
  • [ 3 ] [Liu, Jianing]Beijing Univ Technol, Sch Econ & Management, Beijing 100124, Peoples R China

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Source :

SUSTAINABILITY

Year: 2023

Issue: 11

Volume: 15

3 . 9 0 0

JCR@2022

ESI Discipline: ENVIRONMENT/ECOLOGY;

ESI HC Threshold:17

Cited Count:

WoS CC Cited Count: 4

SCOPUS Cited Count: 4

ESI Highly Cited Papers on the List: 0 Unfold All

WanFang Cited Count:

Chinese Cited Count:

30 Days PV: 9

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