Research On The Development Process Of Industrial Financial Integration In China

Industrial finance refers to the financial activities in which the financial system supports the real industry and develops together.There are many obstacles in China’s industrial finance.Therefore,it is necessary to establish a reasonable and effective comprehensive evaluation system and method,so as to objectively and scientifically reflect the current situation of industrial finance development and study and solve the problems in this field.Firstly,from the perspective of comprehensively reflecting the development direction and trend of industrial financial integration,a comprehensive evaluation index system covering five aspects of financial support,structural optimization,effective service,innovative development and environmental adaptation is constructed;Secondly,the index weight is determined by grey analytic hierarchy process,and the comprehensive weighting method is used to evaluate the development process of industrial finance;Finally,in order to analyze the influencing factors of industrial financial integration,the paper takes the comprehensive evaluation score of industrial finance as the explanatory variable,constructs the panel regression model with urbanization level,financial industry development level,service industry development level,manufacturing efficiency level and real estate profit space as the explanatory variables;According to the test results,the fixed effect model combined with clustering robust standard error is selected for panel data regression,and the System GMM twostep method of generalized distance estimation(GMM)is used for robustness test.The results show that:(1)the comprehensive evaluation value of the national industrial and financial integration development is in the trend of rapid increase in2014-2019,reaching the peak in 2016,then rapidly falling,and then gradually rising.In terms of financial support,the financial system in the developed coastal areas can provide more financial support for the real industry;In terms of financing structure,the Yangtze River Delta and Pearl River Delta are more reasonable;In terms of service efficiency,the financing cost of the whole country has decreased,and the efficiency of financial services to the real economy has improved;In terms of innovation and development,the development of new financial enterprises is not optimistic,and the financial market has increased its support for the enterprises;In terms of external environment,financial risks are rising,and policies and financial intermediaries continue to improve(2)In the comprehensive evaluation scores of 31 provinces and autonomous regions in China from 2014 to 2019,the top ten are Shanghai,Fujian,Tianjin,Zhejiang,Guangdong,etc.these provinces and autonomous regions have a high level of integration and interactive development of industry and finance.The last ten are Guangxi,Guizhou,Yunnan,Ningxia,Gansu and so on.The financial system of these provinces and autonomous regions is weak in serving the real economy,so we need to find new breakthroughs in the integration of Finance and real economy(3)The level of urbanization and the profit space of real estate are the main restrictive factors affecting the integration of industry and finance.Improving the level of urbanization has a positive role in promoting the development of industrial finance,and the increase of profit space of real estate will make the financial capital flow to the real economy seriously.