A Study On Industry Difference And Performance Impact In Terms Of Industry-finance Integration For Listed Companies In China

Industry-finance integration is the inevitable outcome of market economic development to a certain level,also is the important strategic choice for enterprise to improve core competitiveness,domestic industry-finance integration although started late,and still in the primary stage of development,but with the integration of the growth and development of entity industry and rapid expansion of financial market in our country,the development of industry-finance integration entered the stage of large-scale expansion since 2006,many industrial and commercial enterprises gradually dabble in the capital market,and expect to be able to find a new profit model suitable for the long-term development of enterprises through the combination of financial capital.On the one hand,the domestic big banks are beginning to develop their own business,many joint-stock Banks set up gradually.On the other hand,the entity industry's motivation to choose industry-finance integration gradually start to diversified develop,out of the characteristic of the "one-sided".Because of the environment,industry differences are gradually revealed,then what type of industry or enterprise more inclined to implement with industry-finance integration? What difference effects will exist under the different characteristics of enterprises to choose industry-finance integration? What kind of impact on enterprise performance will be with industry-finance integration and the degree of depth after combination?In this paper,Taking China's non-financial listed companies holding of financial institutions as the main angle of view,and whether the enterprises long-term shareholding of financial institutions as the basis,focus on the industry differences and influences on the performance of enterprises.Through the combination of qualitative and quantitative methods,take the theoretical basis about industry-finance integration as a foundation discusses,elaborate the agent and mechanism of industry difference,and combine with the development process and current situation of China's domestic industry-finance integration,we select 2009-2015 years as sample range and 358 non financial listed companies as the research object to analyze their features and differences.On the one hand,in this paper,take the industry-finance integration's enterprises as the cut-in points,whether the enterprise is a capital intensive industry as an explanatory variable,and take total assets(the value),asset liability ratio.etc 6 indexes as control variables,through the Pearson inspection,Logistic multiple regression model to test with the influence between production-finance integration and industry differences,and through the Kruskal-WallisH inspection to test whether there is difference between different elements of intensive industry.On the other hand,from four aspects of profitability,solvency,earnings quality and capital structure,the selection of the asset liability ratio,return on net assets.etc such as this 9 indicators,firstly,through KMO and Bartlett sphere test to establish index system,and through factor analysis to filter the main factor and calculate comprehensive annual performance indicators for enterprises,then through the paired T test to explore the impact of the industry-finance integration on the overall performance of enterprises.Secondly,take the degree of industry-finance integration as an explanatory variable,introduce company size and leverage factor as control variables,then use multiple regression model to examine the impact of the degree of industry-finance integration on enterprise performance.Finally,take factor-intensive industry as dummy variables,by using the multiple regression model of panel data to explore the impact of industry difference on the enterprise performance of industry-finance integration.The main conclusions in this paper are as follows: First,the explanatory variables in Logistic regression(whether are capital intensive industries)the coefficient is 0.7641>0 and significant,the results show that capital intensive industries are more inclined to implement the combination.Second,the regression results that the industry differences impact on enterprise performance,dummy variable 1(whether are capital intensive industries)the coefficient is 0.0495>0 and the results are significant,dummy variable 2(whether are resource intensive industries)the coefficient is-0.0549,but the result is not significant,that is to say capital intensive industries are better than labor intensive industries and resource intensive industries in enterprise performance of industry-finance integration.Third,in the paired T test,only 2009-2010 years' results are significant,other results all are not through t test,therefore on the whole,enterprises to choose industry-finance integration are not significantly affected their performance.But in the regression model which takes the degree of industry-finance integration as an explanatory variable,the coefficient is 0.0059>0 and significant.it shows that the combination degree presents a notable positive correlation with enterprise performance of industry-finance integration.That is to say,the higher the combination degree is,the enterprises are more likely to establish goals from the perspective of long-term strategic development,so they can integrate the advantages of resources to improve the enterprise performance.At last,I hope that through this study,the evaluation can help government and enterprises be more objective,rational and all-round to evaluate industry-finance integration,and provide more reference for the government to establish relevant policies and measures.Meanwhile,help enterprises to objectively analyze the combination,develop long-term strategic goals,so as to promote the development of industry-finance integration in our country to be much better and faster.