| Since the 1980s,along with the rapid change of the external market competition environment and industry boundaries gradually fuzzy,part of the large multinational companies through the internalization of industrial capital and financial capital external relations to obtain the competitive advantage in the market,the development of the industrial capital and financial capital combination strategy called with harmony.In China since the accession to the WTO after the economic and financial development are showing a tendency of globalization,liberalization and mixed,many enterprises in the strategic development under the background of eager with melting of the exploration,utilization and the fusion of the financial sector financing advantages,expand the enterprise scale,promote the economic growth and enterprise development in our country.Promoting enterprise innovation have become the core thread of China’s social and economic development after the 19 th CPC National Congress.How the physical industry and the financial industry can better achieve integration,interaction,and win-win development is an important research topic in the field of industry-finance integration.In this context,it is of great practical significance to explore the impact mechanism of industry-finance integration on corporate performance.Starting from the perspective of industry-finance integration,this paper conducts an empirical analysis and research on the correlation between industry-finance integration,innovation input and corporate performance based on the intermediary role played by innovation input between industry-finance integration and corporate performance.From the perspective of heterogeneity of property rights,the samples are divided into state-owned enterprises group and non-state-owned enterprises group according to different property rights attributes,and the results of IFINs of enterprises with different property rights are compared and studied.This paper first introduces the background and significance of the research on IFI,then sorts out the relevant literature on IFI and innovation input,and then sorts out the research on the correlation between IFI,innovation input and enterprise performance.Then,the transaction cost theory,diversified operation theory and synergistic effect theory based on which this paper is expounded.Then,the research hypothesis of this paper is put forward and the research scheme is designed on this basis.The panel data of China’s A-share listed automobile manufacturing companies from 2015 to 2019 were selected to establish A regression model from the perspective of property right nature.The research samples were divided into state-owned enterprises and non-state-owned enterprises to investigate the relationship between industry-finance integration and enterprise performance,and the relationship between industry-finance integration and innovation input.Based on the mediating role of innovation input,the impact of industry-finance integration on enterprise performance is analyzed.Finally,the conclusions: the implementation of industry-finance integration in automobile enterprises can increase the innovation input of enterprise;and the effect of this increase and improvement is more significant in non-state-owned enterprises.Therefore,this article proposes that my country’s enterprises implementing the strategy of industry-finance integration should clarify the purpose of industry-finance integration,based on their main business,increase R&D investment,and enhance their innovation capabilities.State-owned enterprises should give full play to the effectiveness of industry-finance integration and optimize their organizational structure.Capital advantage brought by the integration of industry and finance. |
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