产融结合对经营性资产增值的影响: 是助力还是阻力

产融结合是金融服务实体经济的重要路径,实体产业企业经营性资产增值是一国实体经济发展的重要微观基础.研究了产融结合对经营性资产增值的影响,以及创新能力的中介效应和企业内外部环境的调节效应,并采用2009-2016年我国非金融类实体产业A股上市公司样本进行了实证检验.研究发现,实体产业企业实施产融结合能够促进经营性资产增值,产融结合是经营性资产增值的助力而非阻力.进一步从影响机制看,产融结合能够增强企业创新能力,并以创新能力为中介来促进经营性资产增值;创新能力发挥了部分中介效应,是产融结合促进经营性资产增值的重要渠道.从内外部环境调节效应来看,企业内部控制质量越高,产融结合促进经营性资产增值的作用越强,同时,金融发展水平较低地区的产融结合对经营性资产增值的促进作用显著强于金融发展水平较高地区.研究结论在微观实体层面为国家实施产融结合和以融促产政策提供了理论依据.

Impact of Financial-industrial Integration on Business Asset Accretion:Help or Hindrance

The financial-industrial integration is an important way of financial service in the real economy and the business asset accretion in real industries and enterprises is an important micro foundation for the development of a country''s real economy. This paper studies the impact of the financial-industrial integration on the business asset accretion, the mediating effect of innovation ability and the adjustment effect of the internal and external environment of an enterprise. It carries out an empirical test using the sample of the listed companies in China''s non-financial real industries during the years from 2009 to 2016. It is found that the financial-industrial integration can boost the business asset accretion, and the financial-industrial integration is a help rather than a hindrance for business asset accretion. From the perspective of impact mechanism, the financial-industrial integration can enhance the company''s innovation ability, and use the innovation ability as an intermediary to promote the business asset accretion. The innovation ability has played a part in the mediating effect and is an important channel for the financial-industrial integration to promote the business asset accretion. From the adjustment effect of internal and external environments, the higher the quality of corporate internal control, the stronger the role of the financial-industrial integration in promoting the business asset accretion. At the same time, the financial-industrial integration has a significantly stronger effect on business asset accretion in the areas with a low level of financial development than in the regions with a high level of financial development. In micro real industries, the research conclusions provide the theoretical foundation for the nation to implement the financial-industrial integration and the policy to promote the industry with finance.