Research On The Effectiveness Of Integration Of Industry And Finance In Non-financial Listed Private Enterprises In China

In the enterprise development process,in order to better meet the needs of financial resources,the company has been actively exploring the use of financial resources to serve themselves.China’s government also attaches great importance to the coordinated development of industry and finance.For example,on October 16,2015,Premier Li of the State Council presided over the forum of financial enterprises and stressed at the meeting that "continue to promote financial reform and effectively serve the real economy".And the combination of industry and financial industry as a new type of business development model,it is a manifestation that the financial industry services in the real economy.This article mainly focuses on the non-financial listed private enterprises as the research object in China,based on the combination of industry and finance,one perspective "from production to finance" to study.The paper summarizes and evaluates the literature on the concept,motivation and effect of the combination at home and abroad,analyzes the problems and shortcomings in the current research process,and clarifies the content and innovation of this research.In the part of the theory of the combination,the author first analyzes the concrete connotation of "production" and "financial" from three different perspectives of assets,organization and industry,and analyzes three specific forms of the two.On this basis,The concept of the combination were summarized and defined.Secondly,on the basis of defining the concept of the combination,the author further explores the path from "production" to "financial".Specifically,there are two main ways of combining China’s current industry and finance: equity participation or holding financial institution Finance Company.In addition,on the basis of the theory of enterprise internalization and the theory of scale benefit,the paper analyzes the validity of the combination of industry and finance.It can be found that the combination reduces the transaction cost,the synergistic effect and the investment income.Aspects have a certain role.Finally,this paper makes a theoretical analysis on the influence of two dimensions of financial combination.On the whole,the excessive and inadequate of the combination will have a negative impact on the company.At the same time,on the basis of the previous theoretical analysis,this paper makes an empirical test on the combination and chooses the sample data of the combination and the private enterprise to study the performance of the enterprise.First of all,the use of paired t test method on the combination performance of the enterprise were analyzed.The results show that the combination did not significantly improve the corporate performance of sample enterprises.Therefore,this paper makes a further analysis on the two dimensions of the combination,namely the depth and breadth.Secondly,when the regression analysis is used to analyze the relationship between the depth of the combination and the performance of the firm,it is found that there is a positive correlation between the depth of the combination and firm performance.Thirdly,in the statistical analysis,we find that the depth and breadth of the combination are not enough in China.At the same time,the change of the stock price of the sample enterprises before and after the combination was analyzed by paired t test to observe the investors’ willingness to invest in the combination.Finally,this paper puts forward the countermeasures to improve the efficiency of the combination from the macroscopic and micro-level,and points out the limitations of the research,and makes a prospect for the future research on the combination of industry and financial industry.