Industrial And Financial Integration,Internal Governance And Capital Allocation Efficiency

In the context of the transformation of China's economy to high-quality growth mode,the optimization of capital allocation structure has become a part of the problem of transforming macroeconomic development mode,and the efficiency of capital allocation is related to the survival and development of micro enterprises.The scarcity of capital determines that the allocation of capital should be more reasonable and effective,and the low efficiency of capital allocation will seriously hinder the steady,healthy and sustainable development of the economy.Therefore,how to improve the efficiency of capital allocation and achieve the reasonable allocation of capital has always been the focus of attention of enterprises.The combination of industry and finance can optimize the integration of social resources,It is not only conducive to the further optimization and adjustment of national financial policies on the macro level,at the micro level,it is also conducive to the rapid flow of corporate capital,thus improving the efficiency of capital allocation.Existing researches mostly focus on the impact of the combination of industry and finance on enterprise performance and financing constraints,but rarely on the relationship between the combination of industry and finance and capital allocation efficiency.As one of the key issues affecting the sustainable and healthy development of Chinese enterprises,the impact of the combination of industry and finance on it is worth exploring.Internal governance mechanism as an important means of company operation,now there are few documents be included in the relationship with financial and capital allocation efficiency were studied,analysis with melting and the intrinsic relationship between corporate capital allocation efficiency and internal governance of the relationship between the influence of ability,can give the listed company management strategy to provide certain reference significance.This paper sorts out and summarizes the existing literature at home and abroad,combining with theoretical analysis and empirical study,using data in 2008-2018 ashare listed companies as research samples,the company's capital allocation efficiency is divided into investment and financing efficiency,analysis produce melting combining financial and corporate investment efficiency,production and the relationship between the financing efficiency of the company,and further investigates the state-owned enterprises and non-state-owned enterprises middle melts combined with the impact on the company's capital allocation efficiency.At the same time,internal governance is included in the research scope,and the influence of internal governance on the relationship between the combination of industry and finance and the efficiency of corporate capital allocation is investigated.After empirical test,it is found that the combination of industry and finance has a significant positive impact on the investment efficiency and corporate financing efficiency,and the combination of non-state-owned enterprises has a greater positive impact on the efficiency of corporate capital allocation,and the internal governance has no significant moderating effect on the relationship between the combination of industry and finance and corporate investment efficiency.It plays a positive regulating role in the combination of industry and finance and corporate financing efficiency.According to the empirical conclusions,this paper argues that the listed companies with financial strategies should be taken according to their own development,the stateowned enterprises should choose suitable with melting objects,avoid blindly follow suit,the non-state-owned enterprises in a reasonable response to risk at the same time actively participate in with harmony,seize the opportunity,both state-owned enterprises and non-state-owned enterprises should attach importance to the company internal governance mechanism,optimize the equity structure,a reasonable and effective supervision mechanism.Relevant legislative departments need to establish a sound legal system to reduce legal gaps and provide institutional guarantee for improving the effectiveness of the combination of industry and finance.