Table 2.

Influencing factors of financing efficiency

Level indicators	The secondary indicators	Level 3 indicators	Code name	Symbol
Financing supply factor	Capital channel	Creditor’s rights financing	T1	Nci
		Credit financing	T2	Stb
		Equity financing	T3	Tote
	The internal financing	Undistributed profit	T4	Unpro
Financing allocation factor	The capital structure	Fixed asset ratio	T5	Fat
	The cost of financing	Cash to maturity ratio	T6	Ocdd
	Capital utilization efficiency	Return on invested capital	T7	Roc
	Corporate liquidity	Cash sales ratio	T8	Cats
	Capital allocation	Proportion of net cash flows from investing activities	T9	Ncfn
	Financing constraints	Financing constraint composite index	T10	Dbt
Factors of financing performance	Management ability	Growth rate of total assets	T11	Tgrt
	Growth ability	Main business growth rate	T12	Opgrt
	Technology innovation	Intangible asset ratio	T13	Inta
Social environmental factors	Doing business	The foreign investment	T14	Fcu
	Macroeconomic risk	Consumer price index	T15	Cpi
	Level of social development	Provincial development and livelihood indicators	T16	Sii
Financial environment factor	The financial environment	Financial demand environment	T17	Ssf
		Financial market environment	T18	Yeb
	Financial innovation	Level of financial development	T19	Rcfr
Policy environment factor	The government’s support	Fiscal subsidy	T20	Govs