Research On The Influence Of Industry And Finance Integration On Innovation Ability Of Listed Manufacturing Enterprises

Manufacturing is the lifeblood of the country’s economy.The report of the 20 th National Congress pointed out that it is necessary to build a modern industrial system and promote new industrialization,and in the subsequent two sessions,it was mentioned that the core of manufacturing is innovation,and unswerving independent innovation is the only way out for China’s manufacturing industry.Long-term and stable capital flow is the foundation and guarantee of enterprise innovation,however,the innovation activities of manufacturing enterprises themselves have the characteristics of high cost,high risk and low degree of information disclosure,and external financing is easily restricted.With the continuous advancement of supply-side reform,the development model of integration of industry and finance has been popularized in real enterprises,and manufacturing enterprises are also constantly exploring,actively seeking opportunities to establish economic ties with financial institutions to obtain financing facilities.However,while the combination of industry and finance brings financing convenience to the innovation of manufacturing enterprises,it also makes them face the risk of running on the main business investment and enterprises "turning from real to virtual",and it is worth discussing whether the combination of industry and finance under the equity-related model can truly improve the innovation ability of enterprises.This paper analyzes the current situation of industry-finance integration,financing constraints and innovation ability of listed manufacturing enterprises in China,and expounds the possible mechanism between industry-finance integration,financing constraints and enterprise innovation ability by combing the existing research results and relevant theoretical foundations,and constructs a multiple regression model and a moderating effect model on this basis.From both theoretical and empirical aspects,the impact of industry-finance integration on the innovation ability of enterprises and the regulating role of financing constraints of listed manufacturing companies are examined,and the research is summarized as follows:(1)the promotion effect of industry-finance integration on the innovation ability of listed manufacturing enterprises is not good;(2)The degree of financing constraints of listed manufacturing enterprises is serious,and it has obvious inhibitory effect in the process of combining industry and finance to promote the innovation ability of enterprises.Based on the above conclusions,this paper puts forward the following suggestions for manufacturing enterprises,financial institutions and government supervision: first,manufacturing enterprises should use the combination of industry and finance to coordinate enterprise innovation,and at the same time focus on the main business to cultivate industrial and financial compound talents;Second,financial institutions should focus on supporting the development of micro,small and medium-sized manufacturing enterprises,and prudently handle shareholder loan approvals;Finally,the policy guides and encourages small and medium-sized enterprises to implement the combination of industry and finance,broaden financing channels,provide enterprise R&D support,and innovate financial supervision mechanisms to prevent industrial hollowing.While providing new experience and evidence for manufacturing enterprises to influence their innovation ability,it puts forward corresponding policy suggestions for the research conclusions,provides a good environment for innovation,and helps the transformation and upgrading of the manufacturing industry.