| With the development of reform and opening up,the number of enterprises in China has been increasing and the scale has been increasing.Meanwhile,different types of financial organizations have gradually developed into a multi-level and high-coverage financial system.The long-term economic adjustment and development make the development of enterprises in urgent need of transformation.Because the combination of industry and finance can effectively promote the adjustment of enterprise structure,it has become an important direction of enterprise diversification strategy."Made in China 2025" pointed out that if the Chinese dream of "manufacturing power" can be realized,it is necessary to intensify the reform of the manufacturing industry and use other channels besides the traditional financing channels to obtain enterprise development funds to further promote manufacturing.The combination of industry and finance of industrial enterprises,so that enterprises can achieve long-term development.Therefore,driven by the internal and external environment,China's industrial and financial integration has gradually entered a stage of rapid development.The realization of the integration of the industrial sector and the financial sector not only helps to enhance the strength of industrial capital,but also can help financial capital professionals and technical Under the application,the effect of inefficient indirect financing between banks and partial inadequate direct financing will be improved to facilitate the transformation and upgrading of manufacturing enterprises.It is worth noting that with the rapid growth of pan-financial fields such as finance,insurance and real estate,the economic development of the real sector is faced with contradictions such as overcapacity and structural imbalances between supply and demand.The high growth of the financial industry and the decline in manufacturing investment reflect to a certain extent the current gradual loss of financial services in the real economy,which undoubtedly triggered a continuous concentration of risks.Cases such as the “Delong Crisis” and the combination of industry and finance warn us that excessive finance has spawned and fermented a strong vested interest group.The non-synchronization of greater interests between the financial sector and the real economy sector has hindered industrial optimization.In the process of production and operation,due to the influence of uncertain factors in various links,the capital movement of the enterprise appears to be lagging and value changes occur,which increases the possibility of operating risks of the enterprise.Therefore,this article takes listing companies in the manufacturing industry as an example to explore the impact of the combination of industry and finance on their business risks.In the research of this article.First of all,it analyzes the domestic and foreign related research trends of the combination of industry and finance,and determines the theme and content of this research by combing the relevant theories.Combined with the relevant experience in the current development of the combination of industry and finance,this paper analyzes the status quo and mode of the integrated development of production and financing of listed companies in China's manufacturing industry,in order to achieve a systematic understanding of the overall situation of its development.Second,select the sample of the combination of industry and finance from 2007 to 2018 in China's listed manufacturing companies,and use Atlman's Z index and profit volatility to reflect operating risks.Empirical verification of the implementation of the strategy of combining industry and finance by listed companies in manufacturing The impact of its operational risks,and it is useful to supplement the conclusions of the benchmark research from the perspective of behavioral characteristics such as the heterogeneity of the type of participation in the combination of industry and finance,the deep heterogeneity of the combination of industry and finance,and the heterogeneity of maturity of industry and finance And supporting evidence.Third,we use the intermediary effect model from the path of inefficient investment,capital level and internal connected transactions to analyze the impact of the combination of industry and finance on the operating risk of listed companies.The research results show that:(1)The implementation of the industry-finance integration strategy has a positive impact on its business risks.After considering the difference in the types of participation,it shows that the operating risks of participating securities futures are the largest.The second is the financial company and the banking industry,that is,the operating risk brought by the participation in the listed financial and financial industry will be smaller;after considering the difference in integration depth,it shows that the lower the proportion of corporate equity financial institutions compared to non-financial integration companies,the business operating risks The bigger.After adjusting the proportion of participating financial institutions from 15% to greater than 10%,the group test is carried out,which still supports the above conclusions;after considering the differences caused by the integration of different integration periods of enterprise production and financing,it is found that the integration time and operating risk appear reverse relationship.(2)The nature of property rights,the level of corporate governance,and the heterogeneous impact of the combination of industry and finance of listed companies in the manufacturing industry and their operating risks under market conditions are discussed.The results show that,compared with private enterprises,industrial capital and finance The impact of the combination of capital on business risks is more significant;the positive effect of the combination of industry and finance and business risk is more prominent in companies with poor corporate governance;in areas with a higher degree of marketization,the implementation of industry and finance It is more obvious that the combination will increase the operational risk.(3)In order to ensure the stability of the benchmark results and mitigate possible internal problems,the company's exit from the combination of industry and finance was supported.It was found that after the listed company exited,no increase in its operational risk was observed,and there was even a possibility of risk reduction This further proves that the combination of the industrial sector and the financial sector has a positive effect on the increase in business risk and confirms the robustness of the basic conclusions.(4)By observing the impact path of the combination of industry and finance on the operating risk of listed companies in the manufacturing industry,it can be found that the inefficient investment of the company is not its role;the combination of industrial capital and financial capital reduces the income of the company's core business and corporate innovation growth of.The main business growth rate and innovation level have a negative correlation with the company's operating risk.Therefore,research shows that there is a partial intermediary effect in the path of capital crowding.Perhaps due to the low degree of industrial-finance integration of listed manufacturing companies in China and the internal financial market has not yet formed,it is impossible to observe close internal related-party transaction activities between enterprises,thus verifying that internal related-party transactions are not intermediaries that affect their operating risks channel. |
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