产融结合对制造型企业绩效的影响研究  

A Study on the Influence of Industry-financing Integration on the Performance of Manufacturing Companies

作　　者：罗嘉雯[1] 崔文晓 史昕蕾 LUO Jia-wen;CUI Wen-xiao;SHI Xin-lei(School of Business Administration,South China University of Technology,Guangzhou 510006,Guangdong,China;School of Management,University of Science and Technology of China,Hefei 230026,Anhui,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510641 [2]中国科学技术大学管理学院,安徽合肥230026

出　　处：《华南理工大学学报（社会科学版）》2023年第3期47-60,共14页Journal of South China University of Technology(Social Science Edition)

基　　金：国家自然科学基金项目“混频数据视角和时变环境下金融市场波动关联性的预测与应用研究”(72171088);国家自然科学基金项目“考虑非同步交易和时变特征的金融市场高频多元波动率预测与应用研究”(71803049);广州市哲学社会科学“十四五”规划面上项目“广州推动沿江、东南部和西部三大产业协同发展研究”(2021GZYB23)。

摘　　要：选取2011—2020年全部A股上市制造业企业持股非上市金融机构的数据作为样本(剔除了ST企业和部分财务数据不完善或有异常的企业),基于面板数据模型研究了持股非上市金融机构对制造型企业绩效的影响作用,并引入中介效应金融性负债和研发支出,探索其中的影响机制。实证结论表明:现阶段中国的实体企业产融结合的程度与企业绩效之间具有负相关性;随着企业持股金融机构比例的提高,企业会从金融机构处获取更多的资金,增加企业的金融性负债,并加大了企业的财务风险;金融的涉足会对企业的主营业务产生“挤出效应”,因而对企业未来的绩效造成了不利影响。This paper selects the data of all A-share listed manufacturing enterprises holdings in non-listed financial institutions from 2011 to 2020 as the sample(ST enterprises and some enterprises with imperfect or abnormal financial data are excluded),investigates the effect of holdings in non-listed financial institutions on the performance of manufacturing enterprises based on a panel data model,and introduces the mediating effects of“financial liabilities”and“R&D expenditure”to explore the influence mechanism.The empirical findings show that:first,at this stage,there is a negative correlation between the degree of the combination of industry and finance and the performance of enterprises;second,with the increase of enterprises shareholding in financial institutions,enterprises will transfer more funds from financial institutions,which will increase their financial liabilities and increase their financial risks;third,the involvement in finance will have a“crowding-out effect”on the main business of enterprises,and thus has a negative impact on the performance of enterprises.

关 键 词：产融结合 持股金融机构 企业绩效 金融性负债 研发支出 

分 类 号：F276.6[经济管理—企业管理]