Research On The Impact Of The Integration Of Industry And Finance On The Business Performance Of Listed Companies

The integration of industry and finance is a double-edged sword.While bringing development opportunities to listed companies,it will also make them face more types and more complex risks.The integration of industry and finance can bring sufficient financial support to listed companies by alleviating the information asymmetry between the listed companies and financial institutions,but whether the alleviation of financing constrains can promote the companies’ innovation and the improvement of business performance depends on the companies’ risk-taking,whether the level of commitment is increased.Therefore,it is of great significance to explore the impact of the integration of industry and finance and enterprise risk-taking on the business performance of listed companies.On the basis of exploring the internal mechanism of the integration of industry and finance and enterprise risk-taking affecting the business performance of listed companies,this paper takes 1424 listed companies in China’s A-share market from2010 to 2020 as research samples,and uses the principal component analysis method to construct a comprehensive index of listed companies’ business performance.Then uses the panel model to empirically test the direct effect of the integration of industry and finance on the business performance of listed companies and the mediating effect of enterprise risk-taking,and further test the heterogeneity of the property rights and industry attributes of listed companies.This paper has obtained the following three research conclusions.At first,the integration of industry and finance can effectively improve the business performance of listed companies,and on the premise that the shareholding ratio of financial institutions held by listed companies exceeds 20%,the higher the degree of the integration of industry and finance,the more prominent business performance they will achieve.Besides,the integration of industry and finance will significantly improve the risk-taking level of listed companies.However it does not promote the improvement of the business performance of listed companies,but weakens the positive impact of the integration of industry and finance on the business performance.Finally,the implementation effect of the integration of industry and finance in state-owned or state-controlled listed companies,including direct impact and indirect impact based on enterprise risk-taking,is more prominent than that of non-state-owned listed companies.On the contrary,similar results do not exist between manufacturing listed companies and non-manufacturing listed companies.