Research On The Impact Of Industry-finance Combination On Manufacturing Enterprise Performance

Manufacturing industry is the main body of Chinese real economy and the lifeline of national economy,which plays a major role in promoting the economic development of China.At present,the Chinese economy is undergoing a critical period of transformation from quantitative to qualitative.Actively guiding the flow of monetary capital to the real industry is an important means to promote high-quality industrial development and reshape the growth driver of the economy.Since the 19 th National Congress of the Communist Party of China,the government has made a series of major arrangements for the financial sector to serve the real economy.The 2022 Government Work Report also clearly states that the financial sector must stick to its duty of serving the real economy and guide financial institutions to increase support for key areas such as high-end manufacturing.The combination of industry and finance is to form an internal fusion mode of industrial capital and financial capital,complementary advantage resources and risk sharing,which is of great significance to accelerate the strategy of manufacturing power in our country.From the perspective of our practice,due to the restriction of legal policy and economic system,the combination of domestic industry and finance is mainly to enter the financial field by industrial and commercial enterprise,namely from industry to finance,in which shareholding financial institution is the most common way.In this paper,based on the analysis of the existing literature study,based on transaction cost theory,coordination theory,asymmetric information theory and the theory of diversification,explore analyzed with melting mechanism influences the performance of manufacturing enterprises,and then to during 2010 to 2020,China’s a-share manufacturing listed companies as research samples,financial institutions as the research Angle of view to ownership,Empirically test the results of the impact of industry-finance integration on enterprise performance,and whether there are differences in the impact of industry-finance integration on the performance of manufacturing enterprises in different property rights and different regions;It also studies whether there is a mediating effect of R&D investment on the impact of industry-finance combination on firm performance.The results show that the integration of industry and finance plays a significant role in promoting enterprise performance.At the same time,the integration of industry and finance promotes enterprise performance by increasing R&D investment,and R&D investment has a partial mediating effect.In terms of regional differences,the integration of industry and finance has a more significant effect on the performance of manufacturing enterprises in the western region.In the difference of property right nature,the combination of industry and finance in private manufacturing industry promotes enterprise performance more deeply.According to the research results,this paper puts forward countermeasures and suggestions: manufacturing enterprises should combine industry and finance according to their own conditions,especially enterprises in the western region and private enterprises;We should increase the R&D investment and accelerate the high-quality development of enterprises.Improve the internal management mechanism of manufacturing enterprises to integrate industry and finance,and strictly prevent the spillover of financial risks;We will give full play to the guiding role of the government and reject the practice of turning from real to virtual.