Research On The Effect Of Industrial Convergence On Corporate Finance After Equity Refinancing

May 8,2015,the State Council issued the "Made in China 2025" document that the current global manufacturing industry is undergoing a major adjustment,a new generation of information technology and manufacturing will be in-depth convergence.Manufacturing industry is the main part of the national economy,is the founding of the country,the innovation of the country,the foundation of power.Automobile manufacturing industry is an important part of manufacturing,is the cornerstone of national economic development."Made in China 2025" document pointed out that China's auto industry will be in the new energy,smart cars and other areas usher in a major opportunity,we can see the automobile industry has become China's one of the central industry of convergence.In the process of industrial convergence,capital shortage is one of the major problems facing China's automobile manufacturing industry.With the continuous development of China's capital market,automobile manufacturing listed companies can not only directly access to financial support,but also can effectively promote China's automobile industry restructuring and convergence through the capital market financing.In the choice of financing methods,China's listed companies prefer equity refinancing,but according to a number of scholars" research that China's listed companies' performance will decline after the equity refinancing.In this paper,I choose the listed automobile manufacturing companies as the research sample to study the influence of the industrial integration on the corporate performance after the equity refinancing of the automobile manufacturing listed companies.This paper discusses the background,significance,research methods and contents of the topic in the first chapter,and points out that the problem of industrial convergence is the current hot issue,and its impact on the performance of listed companies after refinancing is also very worthy of attention.In the second chapter in the literature review section,firstly,the concept of industrial integration is defined,and the analysis of the motives and types of industrial integration is summarized.Secondly,it summarizes the relevant theories about equity financing at home and abroad,and defines the concept of enterprise performance.Then,it summarizes the domestic and foreign research on the performance of listed companies after the equity financing.In the third chapter,the whole situation of the automobile manufacturing industry is described first.Secondly,the automobile industry is analyzed and then the industrial convergence index(HI index)is calculated.In the fourth charter,firstly,I screened 17 listed companies of equity refinancing in 2010 and 2011.And use SPSS software to do the T test to see if there is a significant change on financial indicators of this companies before and after the refinancing.In the fifth chapter,I built the model,and finally figure out that industrial convergence has a positive effect on the corporate performance after equity refinancing.