An Analysis Of The Inlfuence Of Financial-industrial Integration On The Performance Of Chinese Private Enterprises

Under the new economic condition, with the opening of the market, the marketcompetition is more intense, Chinese private enterprises have to study the experienceof international enterprise and embarks on financial-industrial combination, with theexpectation to face the fierce competition. However, whether the financial-industrialcombination is remarkable and what the effect is have always been controversial.This article is from the perspective of the validity of the combination, focused onthe influence of financial-industrial combination on the private enterprise of ourcountry. The context is divided into six chapters. The first chapter introduces theinternational and domestic background of financial-industrial combination, raising thequestion, meaning and method. The second chapter reviews the literature, reviewdevelopment of financial-industrial combination, the research status at home andabroad and effect and pattern research. The third chapter is theories offinancial-industrial combination and enterprise performance. Basing on transactioncost theory, portfolio theory, information asymmetry theory, focusing on drivingfactors of analysis of the enterprise to imply financial-industrial combination.Depicting the way of how to using financial-industrial combination to affect theachievements of. The fourth chapter is characteristics of industrial distribution ofChina’s private enterprisesThrough statistics of the sample, this paper providing an overview of Chineseprivate enterprises’ subject characteristics of industrial distribution, the combingdegree, mode of union. The fifth chapter is an empirical analysis of financial-industrial combination our country private enterprise. This paper selects41non-financial listed private enterprises as the research object, with data of2007-2011year, by means of statistical sample volume to establish index system, using the SPSSsoftware to calculate the comprehensive performance of enterprises. Finally, usingmultiple regression model to test the combination’s effect on firm performance. Thesixth chapter is the conclusion and suggestions, this paper summarizes the related theories and research results, and the conclusion is influence of combining behavior ofenterprise on business performance is not significant. Contrasting the research resultsand the existing research results and putting forward related suggestions.The main contribution of this paper firstly, is selecting a new proposition. For along term, the combination financial-industrial combination of long-term since is on theedge of industrial economics and finance, theoretical research lags behind practice. Thispaper focuses on the combination of enterprises, studying the validity of thecombination, with a higher pertinence. Secondly, in the evaluation of enterpriseperformance, this paper uses12indicators of enterprise comprehensive performanceevaluation, changed the past condition of using a single indicators such as earnings pershare earnings, which instead of enterprise performance. Thirdly, introducing enterprisedimensions, financial leverage coefficient as the control variable, building multivariaterecursive model, the empirical results are more scientific and more convincing.Finally, through this study, we hope helping government to be more objective,more comprehensive on the evaluation of the combination, providing theory referenceon related policies of government departments. Provide useful information for theprivate enterprise, reducing the risk of private enterprises, and to promote Chineseprivate enterprises select the development strategy.