The Study On The Influence Of Indusrty And Finance Combination On Enterprises'excess Leverage

At present,the key to China's economic work is to strengthen supply-side structural reforms,and its reforms focus on deepening financial reforms and strengthening the financial services economy.Financial reforms help financial capital enter the entity,enabling it to adjust its own structure and transform and upgrade the industry,thus deepening supply-side reform.Based on this,the entity enterprise has gradually entered the financial institutions and implemented the development strategy of integration of industry and finance.It has been found that after the entity enterprise implements the integration strategy of industry and finance,the financing constraints it faces become smaller and will affect its own capital structure.Therefore,it is necessary to study the impact of the combination of industry and finance on the excessive debt of the entity.This paper starts from the combination of production and financing from production to financing,and takes the A-share non-financial listed companies from 2007 to 2017 as a sample,and uses the combination of theoretical analysis and empirical analysis to study the impact of the combination of industry and finance on the excessive debt of enterprises.The study found that the combination of industry and finance is significantly negatively correlated with excessive debt of enterprises,that is,the combination of industry and finance has a governance effect on excessive debt of enterprises.At the same time,due to the heterogeneity of enterprises,this paper further studies the regulatory effect of the nature of property rights on the relationship between industry and finance and the excessive debt of enterprises.It is found that the nature of state-owned property rights can enhance the governance effect of the combination of industry and finance on the excessive debt of enterprises.The role of state-owned enterprises is even more significant.In addition,due to the differences in the characteristics of the combination of industry and finance,this paper further distinguishes the impact of different factors of industry and finance on the excessive debt of enterprises.The study found that the higher the proportion of equity in a financial institution held by an entity,the lower the probability of excessive debt;the entity holding a listed financial institution is less prone to excessive debt than a non-listed financial institution;When the types of financial institutions are different,their impact on the excessive debt of enterprises is also different.Based on the above research findings,this paper proposes to actively promote the combination of industry and finance,improve the level of enterprise risk tolerance,encourage state-owned enterprises to combine industry and finance,improve the effectiveness of integration of industry and finance,and achieve a virtuous cycle of capital.