业财融合对企业韧性的影响研究

Study on the Influence of Industry and Financial Integration on Enterprise Resilience

摘要: 韧性指组织在面临外部环境变化下迅速调整的能力，企业韧性是企业生存的核心，也是社会发展的关键要素。本文基于我国上市公司数据，研究业财融合是否以及如何影响企业韧性。研究结果表明，业财融合能够显著提高企业韧性。异质性分析表明，对企业的企业韧性的促进作用主要体现在我国东部企业、处于发展期间的企业，反映对数据要素的相关资源投入等因素所带来的差异。机制检验表明，企业的业财融合主要通过改善信息环境和缓解融资约束两个渠道增强企业韧性。为了缓解研究可能存在的内生性问题，本文使用了工具变量方法均验证了上述结论的稳健性。本研究拓展了业财融合、企业韧性的相关文献，研究结论有利于促进业财融合，促进实体经济高质量发展。

Abstract: Resilience refers to the ability of an organization to adjust rapidly in the face of changes in the external environment. Enterprise resilience is the core of enterprise survival and a key element of social development. Based on the data of listed companies in China, this paper studies if and how the integration of industry and finance affects enterprise resilience. The results show that the integration of industry and finance can significantly improve the resilience of enterprises. Heterogeneity analysis shows that the promotion effect on enterprise resilience is mainly reflected in enterprises in eastern China and enterprises in the development period, reflecting the differences brought by factors such as resource input to data elements. The mechanism test shows that the integration of industry and finance mainly enhances the resilience of enterprises through two channels: improving the information environment and easing financing constraints. In order to alleviate the endogeneity problems that may exist in the study, this paper uses instrumental variables to verify the robustness of the above conclusions. This study expands the relevant literature on the integration of industry and finance and the resilience of enterprises, and the research conclusion is conducive to promoting the integration of industry and finance and promoting the high-quality development of the real economy.