The Influence Of Implementing The Combination Of Production And Finance On The Performance Of Chinese Manufacturing Enterprises

The integration of industry and finance is an effective way to achieve the optimal allocation of social resources,and it is also a necessary journey for enterprises to break through to a certain extent.Due to the imperfection of China's capital market,the slow reform of financial institutions and the incoordination of supervision,the maturity of industrial capital is earlier than that of financial capital,and the initiator of the integration of production and finance is mainly the entity sector.On March 23,Trump signed a memorandum,based on the 301 investigation report,which will impose a large-scale tariff on about 60 billion U.S.dollars of Chinese goods.The U.S.trade war is mainly targeted at high-level products supported by "Made in China 2025".Technology Products.Under this circumstance,the integration of industry and finance has opened up a new path for China to create a strong country.Later,we will start with the basic concept of integration of production and finance,introduce its motivation and sort out the existing literature.The second part focuses on the combination of domestic production and financial integration.First,we look back at the development history of China's financial integration and refer to the existing problems.Then we describe in detail the characteristics of the current participation in financial institutions.Finally,we statistically analyze the increment of enterprises held by shareholding financial institutions between 2008 and 2016 and the industry classification.The third part makes use of the relevant financial indicators of manufacturing listed companies that combine production and financing during 2012-2014 to conduct empirical analysis.Using the wilcoxon rank sum test method,we observed whether the company' s profitability was consistent with the company' s profitability and whether the debt service level was significantly improved.Secondly,using factor analysis method to get the comprehensive performance index of the company,and through the regression of the panel data and cross-sectional data,the conclusion is drawn:1.The combination of production and financing of manufacturing companies can improve their profitability.2.The shareholding ratio is not a factor that plays a role in the combination of production and financing of manufacturing companies.(3)The types of financial institutions that manufacturing companies invest in will affect their operating conditions.4.State-owned manufacturing companies are more effective than private manufacturing companies in the combination of production and finance.The last part analyzes and investigates the reasons based on the empirical results and gets relevant inspiration.