| Industrial-financial integration has become a hot topic in our country in recent years.The Government of our country has increased the support to the transformation and upgrading of traditional industries and the development of the real economy,and gradually rise to the strategic level.In order to solve the financial bottleneck in the economic and social transformation and upgrade,the integration of industrial capital and finance capital has become a new trend.The report of the 19th National Congress of the CPC have repeatedly pointed out that it is necessary to deepen the reform of investment and financing system,increase the industrial-financial integration,and continuously realize the development goal of the financial industry serving entity industry.In order to carry out industry upgrading and keep moving forward,the innovation ability is an indispensable foundation of a modern enterprise.As the state pushes ahead with"mass entrepreneurship and innovation",the Chinese financial industry can meet the different needs of enterprises in different stages of development,solve the problem of financing constraints to a certain extent,and help enterprises to optimize the allocation of resources.The financial industry has played an important role in promoting entrepreneurship and innovation and promoting economic restructuring and industrial upgrading.Therefore,the research of the industrial-financial integration and the innovation has certain practical significance for the sustainable and healthy development of modern enterprises.The research on the industrial-financial integration in domestic and foreign existing documents mostly focuses on the motivation,mode and the effect on the enterprise.And the research on innovation ability is mainly from the different perspective of R&D to analyze its impact on the company's development capability.But there are relatively few literatures on the relationship between industrial-financial integration,innovation ability and enterprise performance.If an enterprise wants to remain invincible in the industry,it must maintain its core competitiveness,and the innovation is the base of the enterprise's core competence.As we all know,research and innovation activities need to inject a large amount of funds in the early stage,and the period is long,so whether to have a stable capital flow is a problem that companies must consider when carrying out innovation activities.The integration of entity industry and financial industry can solve this problem effectively.Industrial-financial integration can alleviate the financing difficulties of enterprise,reduce information asymmetry between the two sides,and provide reliable guarantee for the innovation activities of the entity industry.Therefore,this paper takes the innovation ability as the entry point,and studies the role of the innovation ability in the impact of industrial-financial integration on enterprise performance.Based on the data of the listed companies in Chinese A stock market in the past2006-2015 years,this paper investigates the effect of the industrial-financial integration on enterprise performance.On this basis,based on the elaboration and foreshadowing of relevant theories,the paper constructs a multivariate linear regression model to study the effect of innovation ability between the industrial-financial integration and enterprise performance.The empirical results show that the industrial-financial integration can positively promote the enterprises performance.At the same time,the results show that the innovation ability plays a full mediating role in the positive influence of the industrial-financial integration on the enterprise performance.That is,the positive influence of the industrial-financial integration on the enterprise performance is realized by enhancing the innovation ability of the enterprise.Finally,based on the empirical research results,this paper puts forward some relevant suggestions from the government level and the enterprise itself. |
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