Research On The Influence Of Independent Financial Companies On The Financial Efficiency Of Enterprise Groups

With the continuous development of finance and economy,the finance company industry of our country has got the unprecedented development.It is the inevitable product of the development of China’s enterprise groups,but also the new product of the integration of industry and finance.Financial companies are subject to the dual supervision of the affiliated enterprise groups and the financial supervision department,and are independently operated non-bank financial institutions with financial licenses.This dissertation mainly studies the theories behind the great development of the finance company industry,and analyzes the impact of the finance company industry on the financial efficiency of enterprise groups from an empirical perspective.This dissertation explores the theory behind the development of the finance company industry,and uses the method of double difference tendency score matching to make an empirical analysis of the impact of the development of the finance company industry on the financial efficiency of enterprise groups,the experimental group is the enterprise group listed on a-share and set up finance company,based on the financial indicators of the group listed in 1990 to 2020,establish a control group of similar listed companies in terms of assets scale,operating conditions and so on,and then do double differential regression analysis with the relevant data of five years before and after the matching year,to examine whether the establishment of a financial company has a significant impact on the operating performance of an enterprise group,in order to assess the impact of the establishment of a financial company on the financial efficiency of listed companies,it provides the reference for the enterprise group and the supervisory department to set up the financial company.The empirical studies have found that finance companies have significant positive effects on the performance improvement of enterprise groups,and it can obviously decrease the financial level of enterprise groups.And through the triple difference analysis,it is proved that the above-mentioned effect is not obviously caused by the deepening of the degree of financialization,that is,the establishment of the finance company has not brought the excessive financialization to the enterprise group,therefore,the establishment of an independent financial company has significantly improved the financial efficiency of the Enterprise Group.For the enterprise group at the present stage in China,the establishment of finance company is an effective way to construct the internal capital market and realize the scale growth and benefit promotion of enterprise group.This research has certain policy implication.This research gives answer for the supervision department and the enterprise group how to select and develop the financial integration and the internal capital market,and whether it is necessary to set up a financial company,and whether the establishment of a finance company can solve the problems of effective management of capital within the group,or excessive financialization of the enterprise group,etc.And thus provide the basis for the decision of the operability.