An Analysis Of The Effect Of Financial-industrial Integration From The Perspective Of Diversified Strategy

The combination of industry and finance generally refers to the industrial capital and financial capital to equity relations as a link,through equity participation,holding or personnel to participate in the way of the combination or integration,generally can be divided into "From the financial to the production(financial capital to the industry penetration)" and "from production to financial(industrial capital to the financial industry penetration)" two modes,China's production and financial integration mainly refers to the "from production to financial" model.In recent years,China's economic growth rate gradually slowed down,economic downward pressure continues to increase,which claim China's economy must rely on the investment and export-driven normal to rely on consumption-driven new normal development.As a result,transformation and upgrading has become a corporate consensus,the integration of industry and finance is considered to be the only way to promote the transformation and upgrading of the real economy in China.The combination of industry and finance is an important means for the transformation of China's economic development.The Ministry of Industry,the Ministry of Finance,the People's Bank and the China Banking Regulatory Commission four departments on August 1,2016 announcement "on the declaration of production and financial cooperation in the pilot city notice" clearly strengthen the financial support of the industry,through 3 years or so,to achieve industrial information and financial institutions docking mechanism of the basic establishment and orderly operation.It can be predicted that the next few years,China's enterprises rely on the mode of integration of industry and finance to achieve transformation and upgrading will become a norm.Therefore,it is an urgent task for theorists to provide a practical guide to the choice of the mode of combining industry and finance.Based on the perspective of diversification strategy,this paper analyzes the effectiveness of the combination of production and finance of the listed companies in the manufacturing industry of sustained equity participation financial institutions in China through the three aspects of enterprise performance,risk control and synergistic effect.At the same time,the paper analyzes the influence of the nature of enterprise ownership,the type of financial institutions participating and the proportion of participating financial institutions on the effectiveness of China's financial integration.The main conclusions are as follows:(1)the combination of industry and finance can not significantly improve long-term performance of enterprises.(2)the combination of industry and finance will not significantly aggravate enterprise risk.(3)For the present,the combination of production and finance failed to play a synergistic effect.(4)The effect of the combination of industry and finance of private enterprises is slightly better than that of state-owned enterprises.(5)participating banks can not improve enterprise performance,but can reduce enterprise risk;financial companies can not significantly improve corporate performance,can not significantly reduce business risk;securities companies can improve corporate performance,but at the same time will increase business risk.(6)Increasing the proportion of participating financial institutions has no significant effect on the efficiency of the combination of industry and finance.The innovation of this paper is mainly manifested in two aspects:(1)innovation of research perspective.In the past,the research on the combination of industry and finance is mainly to alleviate the financing constraints and obtain short-term performance improvement(before and after the comparison of shares),in this paper,the combination of industry and finance as a type of non-related diversification,the sample study period appropriately stretched,the combination of industry and finance as a long-term strategy,the effectiveness of its implementation of empirical analysis,with a certain perspective innovation.(2)the sample object innovation.In the past,many non-financial listed companies were taken as sample objects,but due to the difference of the industry,the conclusion was not deep enough,this paper,take the manufacturing listed companies as a research object,by a deeper way to carry out research;At the same time,the choice of the object of shares,due to the tedious data collation,the previous study will be more shares of the object as a non-listed financial institutions,while ignoring the equity sample of listed financial institutions,data is not complete,This article through a more detailed order,expanded the object of equity to all financial institutions.