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| Financial-Industrial Integration, Trade Friction and Innovation Output of Manufacturing Enterprises |
| Li Yuanhui,Chen Rongrong |
| (School of Economics and Management, Beijing Jiaotong University,Beijing 100044, China) |
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Abstract Manufacturing is an important pillar industry of the national economy. It is an important link to promote the innovation of manufacturing enterprises in the new pattern construction of “domestic circulation as the mainstay and domestic and international circulations reinforcing each other”, which is crucial to improving national productivity and enhancing international competitiveness. However, enterprise innovation generally has the characteristics of high risk, high investment, long cycle and slow return, and often faces serious external financing constraints. In the process of financial system reform, manufacturing enterprises buildan“internal capital market” with financial institutions through financial-industrial integration, and then realize the internalization of external financial resources, and effectively reduce the financing constraints. Therefore, it is of great significance for manufacturing enterprises to actively carry out financial-industrial integration to obtain innovation fund support and promote high-quality innovation of enterprises #br#With the continuous economic development, China plays an increasingly important role in international trade. But at the same time, Chinese export enterprises are confronting with more and more serious trade frictions. According to statistics from the China Trade Remedies Information Website, China was subject to 134 export anti-dumping investigations in 2020, an increase of 31.37% over 2019. Trade friction is an important macro factor affecting the development of China's economy and affects the investment and financing behavior of micro- enterprises. Based on this, this paper investigates the impact of financial-industrial integration on the innovation output of manufacturing enterprises and the moderating effect of trade friction on their relationship.#br#This paper takes the data of China's A-share manufacturing listed companies from 2007 to 2019 as the initial sample. ST samples and data missing samples are further removed. A total of 20 275 samples are obtained, of which 2 658 are financial-industrial integration samples. #br#The results show that financial-industrial integration and its breadth, length and depth promote the innovation output of manufacturing enterprises. The promoting effect is stronger when there are more serious trade frictions. The baseline results are robust to alternative measures and tests that address potential endogeneity concerns by employing the PSM methods and the Heckman two-stage test. Further studies on trade countries, trade industries and trade volume show that compared with trade frictions in developing countries, trade frictions in developed countries have a stronger moderating effect on the financial-industrial integration and innovation output of manufacturing enterprises. Compared with manufacturing enterprises in low-tech-intensive industries, trade friction has a stronger moderating effect in medium and high-tech-intensive industries. Compared with manufacturing enterprises with low overseas trade volume, trade friction has a stronger moderating effect in enterprises with high overseas trade volume.#br#The measurement of the financial-industrial integration is relatively simple in existing studies,and it doesn't systematically describe the specific situation of the financial-industrial integration. Moreover,little literature focus on the impact of macro trade environment on the financial-industrial integration and the innovation output of manufacturing enterprises from the perspective of trade friction. The contributions of this paper are as follows. Firstly, based on the financing constraints theory and the synergistic effect theory, this paper further expands the research on the effect of financial-industrial integration layout and trade friction on the innovation output of manufacturing enterprises. Secondly, this paper studies the impact of trade friction on the relationship between the financial-industrial integration and the innovation output of manufacturing enterprises. It enriches the research on international trade environment and micro enterprise behavior. Finally, from the perspectives of trade countries, trade industries and trade volume, this paper discusses the difference in the effects of trade friction on the relationship between financial-industrial integration and the innovation output of manufacturing enterprises. It provides more empirical evidence and reference to guide the healthy development of financial-industrial integration of manufacturing enterprises under the background of trade friction.#br#It is suggested that manufacturing enterprises can try to promote innovation output through financial-industrial integration. Specifically, they can expand the types of financial licenses, hold long-term shares in financial institutions, and strengthen the equity control of financial institutions. Especially in the period of serious trade friction, the financial-industrial integration decreases the financing constraints and higher operational risks caused by trade friction, which is conducive to manufacturing enterprise innovation.#br#
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Received: 20 July 2021
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