Research On The Influence Of The Combination Of Industry And Finance On The Operational Efficiency Of Enterprises

The combination of industry and finance is the product of the development of market economy to a certain extent,and it is a basic strategic choice for enterprises to become bigger and stronger.With the continuous development and expansion of China's enterprise groups,more and more enterprises choose to participate in financial institutions or establish financial companies to realize the integration of their financial capital and industrial capital.In 2016,Circular on the declaration of pilot cities for the combination of industry and finance clearly stated that the role of finance in supporting the industry should be further strengthened,and local governments should be encouraged to integrate industrial,financial and policy resources.In order to improve the effectiveness of entity economy for service,we hope to complete the establishment of the docking mechanism between financial institutions and industry information in three years,to realize the good interaction between finance and industry,and further enhance the ability of the financial service industry.With the support of the policy,more and more enterprises in our country will complete their transformation and upgrading through the combination of industry and finance in the future.Therefore,the research on the combination of production and finance in China can provide some guidance of practical significance for the operation of the combination of industry and finance in our country.At the same time,there are great differences between state-owned enterprises and non-stateowned enterprises in terms of governance mechanism,constraint mechanism,enterprise incentive,and the investment and financing environment and historical burden they face.these differences will affect the implementation effect of the combination of enterprise production.Therefore,it can enrich the research content of the combination of industry and finance and provide more specific theoretical guidance for the strategic choice of enterprises with different ownership properties by further refinement and comparative analysis from the perspective of different ownership properties.Firstly,this paper defines the concepts of the combination of industry and finance,the efficiency of enterprise operation and the different nature of ownership.Furthermore,it analyzes the mechanism of the combination of industry and finance on the operational efficiency of enterprises and the difference among that of enterprises with different nature of ownership.Then from the present situation of China's domestic combination of finance and industry,this paper expounds the characteristics of the combination of industry and finance in our country from the following aspects: the trend of the quantity,the industry distribution,the distribution of the object and the degree.And further study on the characteristics of the combination of industry and finance in different ownership enterprises.On the basis of theoretical analysis and current situation analysis,this paper carries on the relevant empirical test.In the following part,taking the 2011-2016 research as a window and 1796 listed companies of Shanghai and Shenzhen A shares as samples,the paper utilizes data envelopment analysis to calculate the operational efficiency of enterprises,and then constructs a restricted dependent variable model to analyze the impact of the combination of industry and finance on the operational efficiency of enterprises.The total sample is further refined and it is divided into state-owned sample and non-state-owned sample to analyze different nature of ownership of the combination of industry and finance on the operational efficiency of enterprises.The empirical results show that the combination of industry and finance has no significant positive impact on the operational efficiency of enterprises in the whole sample.The combination of industry and finance of non-state-owned enterprises can significantly improve the operational efficiency of enterprises,but that of state-owned enterprises does not have significant influence.Compared to the state-owned enterprises,the combination of industry and finance in non-state-owned enterprises is more likely to have a positive impact on the operational efficiency,and the ineffectiveness of the combination of industry and finance in state-owned enterprises is one of the crucial factors that cause the ineffectiveness of the combination of industry and finance.Finally,combined with the foregoing theoretical analysis,current situation analysis and empirical analysis,this paper put forward relevant recommendations both in the aspect of enterprise and the government.