| The upsurge in the transformation of traditional manufacturing industry has focused the development of enterprises on technological innovation.The "made in China 2025" plan emphasizes the "innovation-driven" approach to promote the all-round development of China’s manufacturing industry,and the transformation and upgrading to "created in China".However,due to the long cycle and high risk of enterprise innovation activities,enterprises are prone to capital problems in innovation activities.In order to break through the capital bottleneck,the combination of industry and finance has become one of the important choices for the entity enterprises to lay out the financial sector,and it is also an important means to improve the innovation performance.Therefore,in this context,this paper selects SAIC as a case study to analyze the specific action path and impact results of the combination of industry and finance implemented by enterprise groups on their innovation performance.First of all,based on the relevant researches of domestic and foreign scholars,this paper defines the relevant concepts of industry-finance combination and enterprise innovation performance on the basis of transaction cost theory,financing order theory,information asymmetry theory and internal capital market theory,and analyzes the internal relationship between them.Then combing with harmony development background,from the simple provide financing services for enterprises and internal capital integration service gradually expanded to the company’s financial and industrial chain in the fields of finance,securities and equity investment,and combining melting SAIC production situation,introduced with harmony of different ways,including establishment of finance companies,investment companies and shareholding of Bank of Chongqing.From the micro perspective,the specific role of industry-finance integration in improving enterprise innovation performance in terms of innovation input is studied.Among them,SAIC enlarges financing sources and reduces financing costs by setting up a financial platform,and continues to strengthen independent research and development and expand external mergers and acquisitions,so as to effectively increase its investment in innovation.Finally,this paper measure the types of patent output properties,quantity,institutions and cited times to explore the innovation output result,with the analysis of financial indicators,SAIC,implement with harmony since the overall financial situation,summarizes the SAIC melts in combination with the successful experience and other problems in the process of production,to provide reference for other enterprises.This paper argues that the enterprise should implement based on auxiliary group business development with harmony,adhere to the "by production and melt,midwifery" eventually "is produced in harmony and win-win",the real show the synergistic effect of the entity industry and financial capital,and according to the actual situation of enterprise positive transformation in harmony combination of production,through internal platform to optimize enterprise innovation investment proportion of funds,and pay attention to improve with melting professional management ability,finally realizes the effective promotion of enterprise innovation performance.By the research of this paper,in order to our country enterprise group to implement with harmony to provide a more comprehensive way of reference,further by advancing the innovation input and output in order to improve enterprise’s overall performance,and the melting combined with production and research on issues related to the enterprise innovation performance of the supplement,in practice is helpful to the traditional industry with melting effect of ascension. |
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