Research On The Impact Of Innovative Industry-Finance Integration Model On The Performance Of Listed Companies

With the advancement of Chinese financial market reforms,more and more perfect currency and capital markets provide a place for orderly competition in China's financial institutions.However,the pace of development of the real economy and the related systems are far weaker than the innovation speed of virtual finance,leading to the problem that traditional mode of industry-finance integration is prone to capital idling,and the real economy is showing a status quo from "real" to "virtual".Based on this,the Nineteenth National Congress proposed the establishment of a “modern economic system”,the state increased efforts to support for the transformation and upgrading of traditional industries and the development of real economy,to encourage equity investment fund established by law,industrial investment funds and other investment institutions involved in mergers and acquisitions of listed companies,to encourage and support enterprises to adopt the policy of combining industry and finance to serve the real economy.Based on the classification of the current industry-finance integration path by the China Investment Research Institute,this paper takes the innovative model as the research focus and explores whether it is different from the traditional model,having significantly improvements on the performance of the company,and in the meantime,whether the size of the company play a role with it.First of all,this article sorts out the domestic and foreign literature from three aspects,the theoretical reason,the development model and the implementation effect of the combination of industry and finance.Secondly,it introduces the basis and characteristics of the division between the traditional model and the innovative combination of industry and finance,and theoretically analyzes the impact of the combination of industry and finance on the performance of the company in both positive and negative directions.Seeing can have an excessive positive impact on the enterprise.Thirdly,select 2013-2018 as the sample research period,and select companies that continue to combine industry and finance since 2015 as the target companies.Through empirical methods,first use factor analysis to determine the comprehensive performance indicators of the company,and then use the double difference estimation method Heusman-Taylor estimation method explores the correctness of the hypothesis.Among them,in the empirical process,through the step-by-step revision of the choice of explanatory variables-from "whether it is a combination of industry and finance" to "whether the industry and finance enterprises adopt an innovative model" to "whether the sample enterprise is a large enterprise group" and finally "The interactive item of the industry-finance integration model and the scale of the enterprise" finally concluded that the innovative industry-finance integration model has a better practice effect in large enterprise groups,and the adoption of this model by small and medium-sized micro-enterprises may bring counterproductive effects.Finally,based on the results of theoretical and empirical analysis,the following suggestions are proposed for the implementation of the integrated policy of industry and finance by the entity enterprise:(1)based on the main business,with the service entity as the starting point and end point;(2)improving the company's governance capacity and forming Market-oriented and professional operation team;(3)Large enterprises should shoulder social responsibilities,try to adopt innovative models to help SMEs solve financing problems,and achieve coordinated development of the industrial chain.