Will The Integration Of Industry And Finance Weaken The Role Of Debt Management?

With the optimization and upgrading of China's industrial structure and the continuous advancement of supply-side reform,the integration of industrial capital and financial capital has become an important trend in the current process of economic development.As an important tool for enterprises to go beyond the path dependence,the combination of industry and finance provides convenient financing channels for the holding enterprises as well as important support for the optimization and upgrading of the entire industrial chain.The existing literature shows that under the "financial to production" model,bank holdings of listed companies will reduce the sensitivity of debt and non-efficiency investment,thus improving the efficiency of credit allocation.This paper focuses on the influence of the listed company holding financial enterprises on the role of debt governance under the mode of "production to financial ".From the internal perspective,the relationship between the integration of production and finance and the efficiency of credit allocation is discussed.The article not only enriches the literature research on debt governance from the perspective of integration of production and finance,but also provides a possible path for the combination of industry and finance to increase enterprise risk.This paper takes the A shares listed companies from 2009 to 2016 as a sample to study the influence of listed companies' shareholding financial institutions on debt financing governance.The conclusion shows that debt can effectively restrain the inefficiency investment,but the listed company shareholding financial enterprises will weaken the governance effect of debt financing to the inefficiency investment.Under the different levels of corporate governance and marketization,it is found that the weakening of debt financing governance by listed companies holding shareholding financial institutions is even more pronounced in companies with serious agency problems and low levels of marketization.Based on this,the relevant departments should continuously improve the supporting market mechanisms and pay attention to preventing risks associated with the integration of production and finance.