Research On The Mechanism Of The Combination Of Industry And Finance Affecting The Financing Efficiency Of Listed Companies In Iron And Steel Industry

The iron and steel industry is the pillar industry of the national economy,which is related to the national economy and people's livelihood.The sub-prime crisis in the United States,the deleveraging of China's economy and the COVID-19 impact all make the iron and steel industry face huge challenges of supply and demand.Transformation and upgrading of the iron and steel industry and active change are inevitable choices.In this background,China's iron and steel industry is looking for opportunities in crisis,seeking integration of industry and finance,actively distributing industrial finance,and accelerating the integration process of financial capitalization and transformation and upgrading of iron and steel industry.Based on this,whether the combination of industry and finance really improves the financing efficiency of iron and steel companies,and what is the mechanism to improve the financing efficiency.The answers to these questions are related to the policy orientation and implementation path of the combination of industry and finance in the future.Based on a comprehensive review of the existing literature,this paper focuses on the relationship between the industry finance integration(behavior)and the financing efficiency(performance)of the iron and steel industry,and analyzes the current situation of the market structure,behavior and performance of China's iron and steel industry based on the SCP framework system;Secondly,on the basis of in-depth analysis of the factors affecting the financing efficiency(financing convenience,financing cost,and asset operation efficiency),this paper sums up the theoretical mechanism of refining the combination of production and financing through influencing the financing convenience,financing cost,asset operation efficiency,and then affecting the financing efficiency;Thirdly,based on the DEA measurement of the financing efficiency of 34 iron and steel companies in 2007-2019 and the combination rate of the two forms of industry and finance,the above mechanism is tested by the panel Tobit model;Finally,the paper puts forward some suggestions on how to improve the financing efficiency.The main research conclusions are as follows:(1)the combination of industry and finance can improve the financing efficiency of iron and steel companies.The two forms of combination of industry and finance,equity investment type and personnel penetration type,have a lag effect on the financing efficiency;(2)there are differences in the influence of the combination of industry and Finance on the financing efficiency,the former mainly affects the transaction efficiency,the latter mainly affects the allocation efficiency;(3)the financing convenience,financing cost and asset operation efficiency play an intermediary role in the mechanism that thecombination of industry and finance affects the financing efficiency of steel companies;(4)there are differences in the impact of the combination of industry and Finance on the financing efficiency of different types of steel companies.Compared with state-owned enterprises,the impact on private enterprises is more significant.