Research On The Influence Of From Finance To Industry On Company's Financial Risk In Manufacturing Based On Financing Constraints

With the development of economy and the continuous opening of financial market,more and more enterprises have combined industry and finance,and the combination of industry and finance has become the focus of attention in our country.Recently,the report of the 19 th CPC National Congress pointed out that deepening the reform of the financial system and strengthening the real economic capacity of financial services have continuously promoted the development of the combination of industry and finance in our country.As a big manufacturing country,the development of manufacturing industry in China is very important.However,the manufacturing industry is usually faced with the difficulty of financing,and the financing constraints restrict the development of many manufacturing industries.The combination of industry and finance just provides certain funds for manufacturing industry to upgrade,constantly enhance its competitiveness and reduce its financial risk.Therefore,the combination of industry and finance and financing constraints are of great significance to the study of enterprise financial risk.In recent years,under the mode of from industry to finance,enterprises have carried out excessive combination of industry and finance and improper intervention in financial institutions,which has brought a lot of financial risks to enterprises,and policy supervision tends to be strict.Therefore,from finance to industry has gradually become another mode to attract capital flow,which has been continuously developed in our country.The measurement of the financial risk caused by from finance to industry and the mechanism of risk formation are the next problem to be discussed.Based on the purpose of this study,this paper selects the manufacturing listed companies with financial institutions to take shares in the five years from 2013 to 2017 as the research sample,takes the financing constraint as the intermediary variable,uses the Z-score model to empirically analyze the influence of from finance to industry on the financial risk,tests the intermediary effect of the financing constraint in the relationship between the from finance to industry and the financial risk,and takes into account the influence of the external macro environment(process of marketization).The results show that from finance to industry can ease the financing constraint of the enterprise,and take the financing constraint as the intermediary to reduce the financial risk of the enterprise.At the same time,in the areas where the marketization process is low,the intermediary role of financing constraints in the relationship between from finance to industry and financial risk is more significant.