| Since the capital market is imperfect in China,the problem of information asymmetry exists between enterprises and financial institutions.Therefore,enterprises are generally facing financial constraint.A high level of financial constraint will lead to underinvestment.The combination of industry and finance could form a close relationship between enterprises and financial institutions as a diversified development model,to ease the financial constraint and reduce the underinvestment.However,the combination of industry and finance could also cause the agency problem and lead to overinvestment.Recently,more and more industrial and financial enterprises provide financing services for medium-sized and small enterprises in the supply chain through Supply Chain Finance(SCF).SCF could ease financial constraint effectively and improve the efficiency of resource allocation and investment.In order to provide theoretical and empirical basis for easing financial constraint and improve investment efficiency,this paper researches the influence of SCF on the financial constraint and investment efficiency by taking the features of SCF and the combination of industry and finance into account synthetically.At first,this paper analyzes the mechanism of the effect of SCF on financial constraint and investment efficiency on the basis of contract theory and asymmetric information theory,and then put forward the corresponding research hypotheses.Secondly,on the basis of theoretical analysis,constructing the model of cash-cash flow sensitivity.Using the data of A-Share Listed Companies from 2008 to 2015,analyzes the influence of SCF on financial constraint in the industrial and financial enterprises empirically.Thirdly,testing and analyzing the influence of SCF on investment efficiency in the industrial and financial enterprises by investment expectation model empirically.What's more,considering the impact of the degree of integration of industry and finance and the nature of property right,this paper introduces relevant variables to test.The result shows that,(i)Compared with non-combination of industry and finance enterprise,the ability of SCF is more significant to ease financial constraint in industrial-financial enterprise.(ii)The combination of industry and finance can reduce the underinvestment and aggravate the overinvestment.(iii)SCF could improve the investment efficiency in the combination of industry and finance enterprises through reducing the underinvestment and the overinvestment.(iv)The higher degree of the integration,the greater improvement effect is on investment efficiency of the industrial and financial enterprises from SCF.(v)SCF can alleviate the problem of underinvestment in non-stateowned enterprises and overinvestment in state-owned enterprises better under the background of the combination of industry and finance.At last,according to the empirical test results,put forward feasible suggestions for promoting the SCF to solve the problem of financial constraint and investment efficiency under the background of the combination of industry and finance.In term of financial constraint,innovating model and technology of SCF.In term of investment efficiency,improving the degree of the integration of industry and finance moderately,explore the suitable mode of industry and finance combination for small and medium-sized enterprises,boosting SCF to promote the integration of industrial capital and finance capital,strengthening multi-party cooperation and the supervision of internal funds. |
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