| Financial-industrial integration is a trend for large companies in China,through financial-industrial integration,companies can enhance their international competitiveness and achieve sustainable development.In 2009,the State owned Assets Supervision Commission began to actively support the integration of industry and finance,with the development of China's economy and the support of national policies,many state-owned companies and private companies began to combine industry and finance through participating in financial institutions and other ways.According to Wind and iFind databases,the number of non-financial listed companies which participating financial institutions has basically increased from 2006 to 2018.By 2018,the number of such companies had reached more than 500.For the current situation that financing is difficult and expensive in China,thus it reduces investment efficiency,while the most direct impact of the combination of industry and Finance on non-financial companies is to ease the financing constraints of companies,which will affect the the investment efficiency of non-financial companies.So,how does the combination of industry and finance affect the investment efficiency of non-financial companies and what factors affect the relationship between them? This paper will focus on these issues.To begin with,we give the background and significance of this research based on the current situation of China's economic development and financial-industrial integration.On the basis of summarizing the existing domestic and foreign literature related to financial-industrial integration and enterprise's investment efficiency,this paper gives the concepts related to financial-industrial integration and enterprise's investment efficiency,introduce the theory involved in this paper,and analyzes the mechanism that the financial-industrial integration influence enterprise's investment efficiency on the basis of the existing theory and put forward the related assumptions.Secondly,taking the A-share non-financial listed companies in Shanghai and Shenzhen A-share markets between 2006 and 2018 for research,this paper constructs a panel data model to analyze the impact of financial-industrial integration on the investment efficiency of companies,and further studies the impact of participating in different types of financial institutions on the investment efficiency of companies.At the same time,it also divide the sample into two part to study these impact on the relationship between financial-industrial integration and enterprise 's investment efficiency according to dual role of the board chairman and the level of financial development.In addition,this paper also empirically tests the impact path of financial-industrial integration on the investment efficiency of enterprises.The results show that holding the share of financial institutions can improve the investment efficiency of companies,and when divide the inefficient investment into over-investment and under-investment,we can see that enterprises which holding the share of financial institutions can significantly alleviate under-investment of companies,but have no significant impact on the over-investment.Further research shows that there are differences in investment efficiency when enterprises holding the share of different types of financial institutions,among which that holding the share of banks can alleviate the lack of investment,but holding the share of other financial institution have no obvious effect on over investment.In order to further investigate the factors that affect the relationship between financial-industrial integration and the efficiency of enterprise investment,this paper studies the level of corporate governance within the enterprise and the level of financial development outside the enterprise.From the aspect of corporate governance.the study show that dual role of the board chairman is benefit for financial-industrial integration to improve enterprises' investment efficiency.From the aspect of financial development level,compared with high level financial development area,in less developed areas,financial-industrial integration is more conducive to improving investment efficiency.Finally,according to the research conclusion,we give two suggestions,including the enterprise level and the government level.In the enterprise level,financial-industrial integration can ease the financing constraints and improve the investment efficiency through financial-industrial integration,but at the same time,the enterprise should improve their own governance mechanism and improve the quality of financial-industrial integration.From the government level,they should strengthen the supervision of the enterprises when encouraging enterprises to carry out financial-industrial integration.At the same time,the government should continue to improve the capital market and broaden the financing channels of enterprises.In addition,we should actively promote financial-industrial integration among enterprises in financial underdeveloped areas to balance development of regions. |
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