Study On Effectiveness Of Financial-industrial Integration Of Central Enterprises Listing Corporation

The development trend of China's economic globalization enable Chinese enterprises under the pressure of global competition is increasing day by day,facing the competition and challenge,Chinese enterprise research learning the successful development mode of foreign enterprises,continuous reform and innovation development strategy,and the production of the melt together.It is in the large enterprise groups in China in recent years,the rise of the development strategy,which in the central enterprises in the IIFC is most typical.But the combination of effectiveness has been controversial,the combination of the validity of the research can be for enterprises to implement the combination strategy provides an important guiding significance.In this paper based on the Cobb Douglas production function,using the SFA method to construct the effective model of IIFC.For the central enterprises listed companies financial combined with the validity of the study,draws the conclusion,and puts forward related suggestions according to the problems found in the study.This article selects the central enterprises listed companies as the research object and the according to whether the implementation of IIFC points for the implementation of the financial capacity of the control sample and did not implement the financial capacity of the control samples,according to the SFA method to select the appropriate input and output index,and appropriate enterprise efficiency influencing factors are selected according to the motivation of IIFC implementation,using the software Frontier4.1 estimates enterprise efficiency of the two groups of sample 2004-2014 trend and enterprise efficiency of the two groups of sample differences in values,and has carried on the analysis to the effect of influencing factors on the efficiency of enterprise,production integration strategy of effective conclusions.In the choice of four influencing factors,enterprise financing index not through the model test that central enterprises to implement industry and finance combination is not resolved out of the purpose of financing constraints;share financial sector profits,reduce transaction costs,construction funds unified management platform,meet the group financial services need four reasons which impact indicators through the test,the four initial motivation implemented to illustrate the IIFC implementation,further illustrates the effectiveness of the combination of industry and finance strategy.Finally after the analysis of the combination of industry and finance the validity of the empirical results,based on strategic implementation process problems proposed macro and micro aspects of the guidance and advice,hope can for the enterprise production melt combined with practice to provide guidance,also hope that China's financial sector supervision and management more effective,the premise of guarantee risk for enterprises provide convenient channel.