Study On The Impact Of Combination Of Industry And Finance On Financing Constraints Of Manufacturing Enterprises

With the development of market economy and financial industry,the combination of industrial capital and financial capital has gradually developed into a new form of organization,and the phenomenon of holding shares in financial institutions by real enterprises is becoming more and more popular.Our government has also been increasing support for the development of the real economy,and gradually rising to the strategic level.Especially in the face of the new normal of economy,the development of manufacturing enterprises in China is very slow.In order to solve the capital bottleneck in the transformation and upgrading of enterprises,more and more manufacturing enterprises have embarked on the road of combination of industry and finance.This paper takes 2013-2018 Shanghai and Shenzhen A-share manufacturing listed companies as the research object to explore the impact of the combination of industry and Finance on financing constraints,and at the same time,it deeply studies on the impact of the depth and breadth of the combination of industry and Finance on financing constraints.In addition,this paper also divides the sample companies into state-owned manufacturing enterprises and non-state-owned manufacturing enterprises,and studies the differences of the impact of the combination of industry and finance and the depth and breadth of the combination of industry and Finance on financing constraints under different property rights.This paper uses the literature analysis method,the regression analysis method and the comparative analysis method,and uses the KZ index to measure the financing constraints,and uses the financing constraints as the dependent variable,uses the combination of industry and finance,the depth of combination of industry and finance,and the breadth of combination of industry and finance as the independent variables,and regression models were constructed and empirically analyzed by Stata 14.0.The research results show that the combination of industry and finance can effectively alleviate the financing constraints,and the higher the proportion of holding financial institutions and the more types of financial institutions,the more obvious themitigation effect.In addition,the study also found that compared with the state-owned manufacturing enterprises,the combination of industry and finance and the depth and breadth of the combination of industry and finance have more obvious effects on easing financing constraints in non-state-owned manufacturing enterprises.The conclusion of this paper is helpful for manufacturing enterprises to make better use of the combination mode of industry and finance,and to solve the financial problems encountered by enterprises in the process of innovation and upgrading.At the same time,it will help the relevant regulatory authorities to improve financial policies,strengthen and guide the development of the combination of industry and finance in manufacturing enterprises.