Research On The Influence Of The Combination Of Industry And Finance On The Investment Efficiency Of Chinese Enterprises

As one of the three driving forces of economic growth,the efficiency of investment determines the level of economic development to some extent.If we want to optimize the industrial structure and improve the economic development model,we cannot do without effective investment.However,many enterprises have inefficient investment behavior,that is,over-investment or under-investment,which will not only affect the profitability and viability of enterprises themselves,but also adversely affect the sound operation of the national economy.In the case that enterprises are faced with insufficient investment efficiency,the implementation of the mode of combination of industry and finance may improve the investment efficiency of enterprises,thus increasing the profits of enterprises and improving the survival environment of enterprises.The development of enterprises also needs financial support,and the combination of industry and finance will bring a series of economic effects.The essence of the combination of industry and finance is the combination and penetration of industrial capital and financial capital,which mainly includes two ways: from finance to industry and from industry to finance.Due to the late development of China’s capital market,the current level of development is also low,and due to the limitations of legal factors,China rarely uses the combination of finance and production.Under the current financial order,China mainly uses industrial capital to develop financial capital to carry out the combination of industry and finance,which is embodied in the way of industrial capital holding financial institutions and establishing endogenous financial institutions.The research object of this paper is also focused on such enterprises.This paper describes the research background,research significance,research content and research methods of this paper in combination with reality,explains the background and significance of the research on this issue,and gives a general introduction to the research content of this paper.By systematically sorting out the existing literature research at home and abroad,we will systematically study the literature,explore the achievements of the current research and the direction of the research to be carried out.This paper looks for mature theories about the combination of industry and finance and investment efficiency in the existing literature,and puts forward hypotheses based on the combination of theory and the purpose of this paper through mechanism analysis.According to the purpose of the study,the data of non-financial enterprises listed in A shares of Shanghai and Shenzhen Stock Exchange from 2014 to 2021 were selected as samples,and the regression was carried out through the fixed effect model.The regression results show that the combination of industry and finance can effectively improve the investment efficiency of Chinese enterprises,not only alleviate the problem of underinvestment,but also curb over-investment.Through the heterogeneity analysis of equity nature,regional differences and industry differences,it is found that the combination of industry and finance can effectively alleviate the problem of over-investment and underinvestment of private enterprises and enterprises in the east and west.In different industries,manufacturing enterprises can improve their investment efficiency by implementing the industry-finance integration model.The same model is suitable for capital-intensive enterprises and technology-intensive enterprises.Finally,through further analysis,it is found that Chinese enterprises prefer shareholding banking financial institutions,and shareholding banking financial institutions can effectively alleviate the problem of insufficient investment,so the government can guide the organic integration between enterprises and banks.Finally,according to the conclusions of the empirical analysis,relevant policy recommendations are proposed,which are divided into enterprise-level recommendations and government-level recommendations.It mainly includes: 1.encourage and guide enterprises to actively carry out the combination of industry and finance,and promote the improvement of enterprise investment efficiency.2.Strengthen risk control for the combination of industry and finance.3.Develop a diversified financial market structure system.4.Establish the concept of combining industry and finance with the main business as the main business and financial business as the auxiliary.5.Take the initiative to do a good job in risk management and improve the information disclosure mechanism.6.Establish a good talent training mechanism and appropriately introduce financial related talents.