Research On The Effect Of Integration Of Industry And Finance On Enterprise Financing Efficiency

The proposition of ?Made in China 2025? put manufacturing industry in the throes of transformation and upgrading.There are huge funding gaps in enterprise equipment upgrading,production scale expansion and foreign investment.However,the uncertainty and complexity of China's corporate financing environment have increased the difficulty of corporate external financing.At present,enterprises rely more on bank credit loans,but the high degree of information asymmetry between banks and enterprises will increase the financing costs of enterprises,coupled with the bank 's credit discrimination,credit resources are unevenly distributed in the manufacturing industry,which causes a series of problems such as difficulty in financing and expensive financing.At the same time,the transformation and upgrading of enterprises is not only subject to the alleviation of financing constraints,but also depends on the ability of enterprises to optimize the allocation of funds.The integration of industry and finance is regarded as an important means of easing corporate financing constraints and has attracted much attention,the narrow sense of the integration of industry and finance includes the two modes of "from finance to industry" and "from induatry to finance".With the government's encouragement and support for industrial capital to enter the financial industry,financial institutions began to absorb the capital of industry in order to expand their business scale,industry held financial shares to obtain credit resources and share high profits in the financial industry,the model of "from industry to finance" developed rapidly.Whether the intergration of industry and finance will help companies integrate funds at a lower cost and risk,or will it cause companies to over-finance and make the integration of funds not effectively allocated.Therefore,it is of great practical significance to discuss its impact on corporate financing efficiency.This article is based on the review and review of the literature on the combination of industry and finance and financing efficiency,considering the heterogeneous impact of differences between listed financial institutions and unlisted financial institutions on size,information disclosure mechanisms and supervision on corporate development.Therefore,the integration of industry and finance is measured by companies holding unlisted financial institutions,with 2012-2017 as the research window,and the Shanghai and Shenzhen A-share manufacturing main board listed companies as the research sample.According to the concept of corporate financing efficiency,financing efficiency is divided into raising efficiency and allocation efficiency.First,the two-stage chain network DEA model is used to measure the raising efficiency,allocation efficiency and overall stage financing efficiency,and the efficiency is evaluated on the whole,by region and by ownership.Secondly,a panel Tobit regression model is constructed to analyze the impact of the implementation of the intergration of industry and finance on their raising efficiency,allocation efficiency and overall financing efficiency,and the differences in the effects of the intergration of industry and finance on the raising efficiency and allocation efficiency of enterprises with different financing constraints.The empirical results finally came to the following conclusions: 1)The analysis of corporate financing efficiency is divided into raising efficiency and allocation efficiency,and it is concluded that the implementation of the industry-finance integration model of enterprises holding unlisted financial institutions can help improve raising efficiency,but it is also easy to reduce allocation eddiciency,and the positive impact on the overall financing efficiency is not significant.2)The negative impact of the implementation of the industry-finance integration model of enterprises holding unlisted financial institutions on the efficiency of capital allocation is more significant among enterprises with higher financing constraints.Finally,based on the above research conclusions,this article puts forward relevant suggestions from the level of government and enterprises.