The Research On The Impact Of Industry And Finance Integration On Enterprises Operation Efficiency Of Empirical Analysis

The real economy is the cornerstone of economic development,and the manufacturing industry has a pivotal position in my country’s economy,and it is also an indispensable part of the development of the real economy.At present,my country’s economy is entering a new normal stage,and the manufacturing industry is in a special period of economic transformation and upgrading.How to optimize the industrial structure and promote the upgrading and development of the physical industry is an urgent problem that my country needs to solve at present.At present,my country is vigorously advocating the implementation of the development strategy of integrating industry and finance,hoping that the financial industry can serve the manufacturing industry and drive the innovative development of the manufacturing industry.However,the effect of the implementation of the integration of industry and finance has always been controversial.While it can exert the synergistic effect of the integration of industrial capital and financial capital,there are also potential systemic risks.Therefore,this article adopts operational efficiency to measure the effect of enterprises’ implementation of industry-finance integration,in order to maximize the advantages of industry-finance integration.Based on the existing research,this paper selects the listed companies in the A-share manufacturing industry from 2014 to 2018 as the sample data source based on the resource-based theory,internal capital marketization theory and diversification strategy theory,and uses the DEA-CCR model to measure corporate operating efficiency Value,using the PSM method to study the impact of the integration of industry and finance on the operational efficiency of enterprises on the basis of solving endogenous problems.The main research contents and conclusions of this paper are as follows: First,analysis of factors affecting the integration of industry and finance.According to related theories and related researches by domestic and foreign scholars,this article focuses on the analysis of the factors affecting the integration of industry and finance.And use Logit model to test it empirically.Research shows that the size of a company and the age of a company’s listing age have a significant positive effect on whether the manufacturing industry integrates industry and finance,while the growth rate of operating income,financial leverage,equity concentration,and the scale of executive compensation have adversely inhibited the manufacturing industry’s integration of industry and finance.Combine.Second,the impact of the integration of industry and finance on the operating efficiency of manufacturing enterprises.First,this article analyzes the impact of industry-finance integration on corporate operating efficiency from a theoretical level;secondly,this article uses the DEA-CCR model to measure corporate operating efficiency values as the explanatory variable;and finally,uses the PSM method to determine whether to combine industry and finance Group and control group conduct empirical test.Studies have shown that the implementation of industry-finance integration by listed manufacturing companies in my country has reduced corporate operating efficiency.Third,the analysis of the heterogeneity of the combination of industry and finance on the operating efficiency of manufacturing enterprises.This article divides the integration of industry and finance into three types of integration: bank,non-bank financial institution,and comprehensive.It uses group regression to test the difference in the impact of the integration of industry and finance on the operating efficiency of enterprises,and then uses the mixed panel regression to test the industry and finance.Based on the differences in the combination method,the research conclusion shows that compared with the bank-type and non-bank financial institution type,the integrated industry-finance combination method improves the operating efficiency of manufacturing enterprises.Based on the above conclusions,this article proposes the following policy recommendations: From a government perspective,first,we should deepen the reform of the financial system,transform the economic development mode,maintain the stable operation of the macro economy,cultivate a multi-level financial market,and ensure the integration of industry and finance.Healthy development.Second,in order to prevent the risks caused by the integration of industry and finance,the government should improve relevant laws and regulations,create a systemic regulatory framework,strengthen external supervision of the integration of industry and finance,and improve the ecological environment of the financial market.Third,lower the barriers to entry in the financial industry,narrow the development gap between enterprises,build an evaluation system for the integration of industry and finance,and make the strategy for integration of industry and finance more standardized and transparent.From an enterprise perspective,first,we must clarify the goal of industry-finance integration,do a good job in the long-term planning and development direction of the enterprise,optimize the business model,and promote the coordinated development of industry and finance.Second,it is necessary to improve the corporate governance mechanism,rationally allocate resources,enhance risk control capabilities,and establish a risk early warning mechanism.Third,it is necessary to strengthen the cultivation of financial talents,build a professional financial team,and establish a suitable industry-finance integration model according to the actual situation of the enterprise.