产融结合与实体企业竞争力——来自制造业样本的实证分析

Integration of Industry and Finance and Entity Enterprise Competitiveness:An Empirical Analysis from the Sample of Manufacturing

实体经济是经济发展的基础。使用2005年~2015年A股制造业企业上市公司样本,探究实体企业构建产融结合与其竞争力水平之间的互动性关系,结果表明:通过构建金融股权关联实现产融结合确实能够提升实体企业的竞争力水平,且这一正向的竞争力效应在经过处理效应模型、倾向匹配得分等一系列内生性与稳健性控制之后仍然显著。拓展性研究表明,产融结合的竞争力效应还会受到实体企业内外部制度情境的影响,在民营样本组以及所在地区制度环境更为完善的样本组内,产融结合的竞争力效应将更加凸显。

Real economy is the foundation of economic development. The paper uses manufacturing enterprises in China＇s Stock Market A-share listed company from the year 2005 to 2015 as the research sample to discuss the influence of integration of industry and finance on competitiveness. The study finds that building financial stakes association to realize the integration of industry and finance does promote the level of competitiveness of the entity enterprise,and that positive ＂competitiveness effect＂is still significant after a series of control of endogeneity and robustness,such as treatment effect model and propensity score matching method.Further research shows that the competitive effect of integration of industry and finance is also influenced by the context of internal and external system of the entity enterprise,and the competitive effect of integration of industry and finance will be more prominent within the sample group where private sample group and area system environment are more perfect.