| Since the 18 th National Congress of the Communist Party of China,innovation has been an important national development strategy and has achieved significant achievements.In the report of the 20 th National Congress of the Communist Party of China,it is still emphasized that innovation should be the primary driving force,which should not only continuously open up new tracks and fields,but also closely follow the national development strategy needs.To achieve the construction of a socialist modernized country,high-quality development is the primary task.In response to the requirements of high-quality development,China still faces problems such as insufficient basic innovation and R&D investment.More enterprises need to integrate into innovation,stimulate their innovation awareness,cultivate their innovation spirit,and solve the difficulties faced by enterprises in innovation,in order to comprehensively improve the development level and comprehensive strength of Chinese enterprises.The integration of industry and finance has enhanced the relationship between industries and enterprises,broken down communication barriers between industries,and strengthened the flow of resources and information can help enterprises alleviate financing constraints,gradually becoming an important way to solve enterprise problems and achieve enterprise development.In addition,the development of the manufacturing industry and non-state-owned enterprises is an important link in China’s development strategy.To achieve the transformation from a "manufacturing powerhouse" to a "manufacturing powerhouse" and stimulate the vitality of non-state-owned enterprises,it is necessary to continuously improve their innovation level.This essay studies the impact and mechanism of implementing the integration of industry and finance on the innovation level of enterprises,the regulatory effect of equity incentives on the relationship between them,and the impact of implementing the integration of industry and finance on the innovation level of enterprises in the manufacturing industry and non-state-owned enterprises.This essay systematically combs the relevant literature and theories.We use the data of A-share non-financial listed companies from 2011 to 2021 to establish a fixed effect model of panel data for empirical research and analysis.Firstly,analyze the impact of implementing the integration of industry and finance on enterprise innovation and the intermediary mechanism of financing constraints;Secondly,studying management equity incentives as an effective way to solve agency conflicts has a moderating effect on the relationship between them;Further study the innovative impact of implementing industry finance integration in the manufacturing industry and non-state-owned enterprises.Based on the empirical conclusions drawn,targeted recommendations are proposed.The conclusions are as follows:(1)The integration of industry and finance in the form of "from industry to finance" can promote the innovation level of enterprises.(2)In the mechanism of the integration of industry and finance on enterprise innovation,financing constraints play a mediating role.The integration of industry and finance can ease and reduce the financing constraints of enterprises,and then have an impact on enterprise innovation.(3)Implementing management equity incentives to enhance the consistency of goals between management and owners can enhance the positive promoting effect of industry finance integration on enterprise innovation.(4)In the manufacturing industry and non-state-owned enterprises,implementing the integration of industry and finance has a significant positive effect on enterprise innovation.Based on the above research conclusions,relevant suggestions are proposed from the government and enterprise levels.For government departments,firstly,utilizing existing platforms to gather multiple resources and build a "bridge" for the integration of industry and finance.Fully utilize scientific and technological means such as digitization and intelligence to create a favorable environment for the integration of industry and finance,and deeply promote the implementation of the integration of industry and finance.Secondly,strengthen the implementation of the integration of industry and finance in the manufacturing industry,manufacturing industry play an important role,to achieve the goal of becoming a "manufacturing powerhouse".At the same time,actively promote the implementation of the integration of industry and finance in non-state-owned enterprises. |
