产融结合、金融发展与企业成长——来自制造业上市公司持股金融机构的经验证据

Financial-industrial Integration,Financial Development and Corporate Growth——Empirical Evidence from Manufacturing Listed Companies Holding Shares of Financial Institutions

本文选取2008—2016年中国制造业上市公司的相关数据资料,对产融结合、金融发展环境与企业成长三者之间的关系进行了探讨。研究发现:产融结合能缓解制造业企业的融资约束,从而促进企业成长能力的提升;制造业企业持股非上市金融机构对其成长能力的提升具有显著的正向作用,但持股上市金融机构不存在这种效应;产融结合对企业成长能力的促进作用在金融欠发达地区更加明显。

Corporate growth is an important micro-foundation for the economy development of a country. Using the data of Chinese listed firms in the manufacturing industry from 2008 to 2016, this paper investigated the relation- ship among financial-industrial integration, financial development and corporate growth. The results show that finan- cial- industrial integration can effectively facilitate corporate growth. Moreover, this only exists when manufacturing firms hold shares of non- listed financial institutions, instead of listed financial institutions. The results further show that the positive effect of financial-industrial integration on corporate growth is more pronounced for firms located in provinces with less developed financial environment.