The Integration Of Industry-finance Capital,the Marketization Level,and Corporate Investment Efficiency

In recent years,with the rapid development of China's securities market,more and more enterprises have joined financial fields.A large number of enterprises established their own financial companies or hold shares of financial institutions.With deep development of the integration of industry-finance capital(IIFC),the research of IIFC should be attach importance internally.Considering the investment is of great significance to the development of enterprises,the relationship between IIFC and corporate investment efficiency will be studied.Firstly,the relevant literatures about IIFC and corporate investment efficiency will be systematically presented and analyzed.Secondly,the relationship between IIFC and corporate investment efficiency will be studied.This will include three aspects of content:1.How enterprises holding shares of financial institutions will affect their investment efficiency.2.If the enterprise holding shares of financial institutions will affect their investment efficiency,then how the degree of its shares will make differences.3.If the enterprise holding shares of financial institutions will affect their investment efficiency,then how the type of its financial institutions will make differences.Secondly,Considering the special institutional background of China,the relationship among the marketization level,IIFC and corporate investment efficiency will be studied.A conclusion has been made by regression analytical studies: Firstly,the IIFC will do affect corporate investment efficiency.In particular,1.IIFC will make a positive impact on the underinvestment of the companies,but a negative impact on the overinvestment of the companies.2.The difference between different degree of its shares will make differences.3.The difference of different type of financial institutions will make differences.Secondly,the difference of marketization level will influence the impact between IIFC and corporate investment efficiency.Based on the above conclusions,this paper put forward some Suggestions to industrial enterprises and government.Hope that through this research,on the one hand can broaden the theoretical circle about IIFC,on the other hand,provide more support to the practice to make better use of IIFC.