产融结合促进企业转型升级效果分析——基于PSM的实证研究

An Analysis of the Effect of Integration between Industry and Finance to Promote Transformation and Upgrading of Enterprises——An Empirical Study Using PSM

产融结合作为企业发展过程中一种特殊的金融支持方式,已经被越来越多的企业所采用。以往研究大多集中于产融结合可以缓解企业的融资约束,但随着产融结合的进一步发展,其还可以在价值链纵深上影响企业的转型升级。本文将研究对象定位于制造业上市公司,将产融结合定义为参股非上市银行,使用经济增加值(EVA)定义企业的转型升级,使用倾向评分匹配估计方法(PSM)去验证产融结合是否可以促进企业的转型升级。结果显示,产融结合可以有效促进制造业上市企业的转型升级。

As a special financial support method in the process of enterprise development,the combination between industry and finance has been adopted by more and more enterprises.Most of the previous studies focused on the combination between industry and finance to ease the financing constraints of enterprises,but with the further development of this integration,it can also affect the transformation and upgrading of enterprises in the depth of the value chain.This paper,by locating the research target in the listed companies in the manufacturing industry,defines the combination of industry and finance as a non-listed bank,uses the economic value added(EVA)to define the transformation and upgrading of the enterprise,and uses the propensity score matching estimation method(PSM)to verify whether this integration can promote the transformation and upgrading of enterprises.The results show that this type of combination can effectively promote the transformation and upgrading of listed companies in the manufacturing industry.