Influence Of The Combination Of Industry And Finance On The Operating Efficiency Of Listed Companies

With the continuous development of economy and the growing of enterprise scale in our country,more and more companies began to not satisfied with the entity industry brought about by the growth benefit.they look to the high-risk high-yield characteristics of financial industry,enterprise group established by the financial subsidiary,or investment in banking,securities,insurance and other financial institutions,directly or indirectly into the financial sector,in order to realize the integration of industrial capital and financial capital,has become the current domestic I combined with the basic operation mode.In October 2015,the state council hosted a symposium on financial reform and stressed the importance of "continuing to promote financial reform and effectively serve the real economy",which further stimulated the enthusiasm for the integration of industrial capital and financial capital.Practice shows that the combination of industry and finance not only makes enterprises find a new development breakthrough,but also can greatly enhance the efficiency of enterprise management.In recent years,a large number of outstanding real industries in China have become bigger and stronger through the combination of industry and finance.Representative enterprises such as haier group,Oriental group and luneng group have made significant contributions to the development of China's economy.of course,in enjoy with financial benefits at the same time also can't ignore the resulting financial risk,2004 Dlong Group's bankruptcy also give us a wake-up call,enterprises in the implementation process of the integration of industrial capital and financial capital,to fully respect the operation law of economic development,participation and expand blindly will only make the enterprise into bankruptcy.In the process of the specific studies,this paper first through the literature analysis method to produce melting suggests that the concept of using the method of literature research with harmony in the world within the scope of the generation and development,and related theoretical basis for the relevant literature review,on melting in combination with the theoretical basis of and summarized the development situation of domestic and comb;Second,according to the enterprises with financial strategy for management efficiency mechanism research,to determine whether this article research direction for the enterprise to produce combination,combined with depth and participation of financial institutions type three aspects,to verify the melting production combined with practical effect on the efficiency of the enterprise management,and make the corresponding assumptions and modeling.All non-financial listed companies in the a-share market from 2010 to 2017 were selected as samples.Eleven indexes reflecting the operating conditions of listed companies were used as explained variables by factor analysis method,and indexes that can comprehensively reflect their operating efficiency were calculated.Regression analysis method was used to test the impact of industry-finance combination on operating efficiency.Thirdly,the empirical results are analyzed and summarized,and three conclusions are drawn: First,the implementation of the strategy of combining industry and finance can effectively improve business efficiency.Second,compared with non-bank financial institutions,Banks with equity participation have more significant effect on the improvement of business efficiency;Third,there is a positive correlation between the improvement of enterprise operating efficiency and the depth of industry-finance combination(proportion of equity participation in financial institutions).The higher the proportion of equity participation,the better the improvement effect on enterprise operating efficiency.Finally,the government should delegate part of its power to the market and reduce administrative intervention in the light of the current problems in China's integrated development.Enterprises need to be clear about the purpose of their combination of industry and finance and develop based on their main business.At the same time,they should pay attention to the cultivation of financial talents and the compliance of related party transactions.