业财融合的价值效应研究

Study on the Value Effect of Industry-Finance Integration

文章选用2010-2020年沪深两市A股上市公司23388个观测值,结合文本分析方法度量业财融合,利用固定效应模型实证检验了业财融合对企业价值的影响及其作用机制,以期揭示业财融合的价值效应。研究结果显示:业财融合能够显著提升企业价值,且该作用主要通过缓解融资约束和降低财务风险等机制产生;与大型企业相比,业财融合对中小型企业的价值提升效果更显著;与国有企业相比,业财融合对非国有企业的价值提升效果更显著。此成果不仅丰富了业财融合价值效应的研究,而且为管理者运用业财融合提升企业价值提供了经验证据。

This paper takes 23,388 observation value of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as a sample,measures industry-finance integration combined with textual analysis method,and studies the impacts of industry-finance integration on enterprise value and their functioning mechanisms by applying fixed effect model.The results show that industry-finance integration can greatly enhance enterprise value,whose effects are mainly generated through mechanisms such as alleviating financing constraints and reducing financial risks,that comparatively the value enhancement effect of industry-financial integration on small and medium-sized enterprises is more significant than on large enterprises,and that comparatively on non-state-owned enterprises is more significant than on state-owned enterprises.The results not only enriches the research on industry-finance integration value effects,but also provides empirical evidence for managers to employ industry-finance integration to enhance corporate value.