| Investment is one of the three major financial activities of enterprises.If an enterprise wants to achieve sustainable and stable development,its investment behavior is also one of the key factors.The state has also stepped up efforts to continue to promote the "six stability" work.In addition to increasing the investment scale,the "stable investment" should also ensure that the investment method and direction are reasonable,and that enterprises can choose the best investment products and the most effective investment decisions.However,at present,many enterprises in China are subject to the problem of expensive financing and difficult financing.Their financing channels are limited and the financing costs are high.Then the existence of financing constraints makes enterprises make inefficient investment.The combination of industry and finance can bring more financing channels for enterprises,and the shortage of investment funds can be effectively solved.In addition,the advantages of financial capital in information and resources complement industrial capital.Therefore,it is of practical sense to research the impact of the combination of industry and finance on the investment efficiency of enterprises.Based on this,this thesis selects Yonghui Supermarket,a retail enterprise,as a case enterprise to explore the impact of its combination of industry and finance on investment efficiency.The following two questions are mainly answered:(1)whether the combination of industry and finance has improved the investment efficiency of Yonghui Supermarket;(2)What is the internal action path of the combination affecting the investment efficiency of enterprises.Based on these two issues,this thesis aims to explore the relationship between the investment efficiency and the combination of industry and finance proposed previously,and summarize the excellent experience of enterprises in implementing the combination of industry and finance.Also,we try to provide substantive guidance and reference for enterprises in the "difficult financing" and "expensive financing" environment to ease financing constraints,carry out transformation and upgrading,optimize enterprise investment behavior and enhance enterprise value.First of all,this thesis combs and summarizes the relevant theories and documents,and takes Yonghui Supermarket as a case enterprise to explore the impact of its combination of industry and finance on investment efficiency and its internal role path.Specifically,based on Richardson’s model,taking Yonghui Supermarket as a node to carry out the combination of industry and finance since 2015,the investment efficiency of each year is calculated separately,and the change trend of investment efficiency before and after the combination of industry and finance is compared,and then the analysis shows that the investment efficiency has been improved by deepening the combination of industry and finance.In addition,compared with the investment efficiency of retail enterprises with similar scale in the same industry,it is found that the investment efficiency of Yonghui Supermarket is higher than that of the same industry after the combination of industry and finance.The above results show that the investment efficiency of Yonghui Supermarket has improved after the combination of industry and finance.In addition,in order to ensure the robustness of the above results,a series of tests such as regression analysis method and replacement investment efficiency calculation model are used to verify the results,which show that the research conclusions of this thesis are reliable and true.Secondly,this thesis explores the internal function path of Yonghui Supermarket’s combination of industry and finance to improve its investment efficiency from three aspects: financing constraints,internal capital market and capital use ability.First,it alleviates the financing constraints of Yonghui Supermarket,makes up for its insufficient investment and improves the investment efficiency;The second is to strengthen its internal capital market,increase the convenience of financing and the effectiveness of investment decisions,and then improve investment efficiency;Third,improving the ability to use internal funds,and promote production by financing,and avoid excessive investment to improve the investment efficiency of enterprises.Based on the above conclusions,this thesis proposes that enterprises can determine the direction of industry and finance based on the development status of their main businesses,and then adjust the financing structure and expand financing channels,and maintain the coordinated development of industry and finance.In addition,at the government level,it is necessary to strengthen policy guidance and build a good environment for the integration of industry and finance.Besides,instructing and inspiring excellent private enterprises to participate in the integration of industry and finance actively,which to promote the sound development of enterprises. |
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