Research On The Influence Of Industry-finance Integration On Entity Enterprise Performance

Entity and finance supplement each other,wherein,how finance serves for entity has always been one of the important issues discussed in the market.Followed by the opening of the financial market of china,many entity enterprises have involved into the financial field through industry-finance integration.And whether entity enterprises can make achievement by aid of industry-finance integration must be considered.Firstly,this paper summarizes related theories of industry-finance integration and sorts out domestic and overseas literatures from aspects such as concept of industry-finance integration,motive of industry-finance integration and performance of industry-finance integration.Secondly,this research introduces the development processes and characteristics of domestic and overseas industry-finance integration,defines the concepts of three basic industry-finance integration modes in our country and describes the current situations.Thirdly,this paper starts from related basic theories of industry-finance integration,combines with domestic and overseas literatures as well as actual development situation of our country to propose assumption that different industry-finance integration modes and layout characteristics have difference on corporate performance,simultaneously,this research takes A-stock non-financial listing company as example to conduct empirical analysis based on event sample and inventory sample.The research results:(1)From perspective of overall market,the implementation of industry-finance integration in listed companies does not lead to an improvement in performance.On the contrary,it may lead to deterioration of performance,and this negative effect is more significant in state-owned companies.(2)From perspective of implementation mode of industry-finance integration,with deepening of industry-finance integration,industry-finance integration presents more significant positive effect to corporate performance;different implementation routes of industry-finance integration have different influence on corporate performance,wherein,participating in building financial company has most significant positive effect to corporate performance.(3)From perspective of layout characteristics of industry-finance integration,the overall investment scale of listed companies based on industry-finance integration has no significant influence on corporate performance;expanding width of industry-finance integration and investing in multiple types of financial institutions can enhance corporate performance to some extent,but it is needed to be vigilant that financial risks caused from excessively-expansionary industry-finance integration strategy may offset the positive effect brought from diversification.Based on the above empirical research results,this paper proposes the following suggestions:(1)Enterprises should consider the most suitable implementation mode and layout characteristics of industry-finance integration according to their operation characteristics,pay attention to deep-level industry-finance integration,expand the depth and width of industry-finance integration under the situation of controllable risks.(2)Enterprises should center on leading industrial value chain to formulate industry-finance integration strategy scientifically and reasonably besides persisting in diversification,focus on allocation function of financial factors and realize the purpose of finance serving for entity.