Effect of Financial Support on the Development of Marine Equipment Manufacturing Industry in China—Evidence from 30 Listed Companies

Abstract

Marine equipment manufacturing industry is an important priority development area defined in China’s “14th Five-Year Plan” and Made in China 2025. It is an important foundation and guarantee for China to realize the strategy of building a powerful marine power. In its development process, financial support plays an irreplaceable role. This paper selects China’s marine equipment manufacturing industry as the research object, constructs the financial service support system from the three perspectives of direct, indirect and policy, and collects the financial data and financial indicators of 30 listed companies in China's marine equipment manufacturing industry from 2011 to 2020, so as to establish a dynamic panel model and make an empirical analysis. The results show that the equity financing rate has a negative effect on the development of sample marine equipment enterprises, and the government subsidy rate has a positive effect on the sample enterprises, while the borrowing rate of financial institutions and the commercial credit rate have no significant influence on the development of sample enterprises. According to the current situation analysis of financial support and sys-GMM empirical research, explore the ways of financial support, so as to promote the sound and rapid development of China's marine equipment manufacturing industry.