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选取2014年参股非上市金融机构且归属于集团的上市公司为研究样本,基于Malmquist指数方法对中国企业集团产融结合效率进行了评价,并对民营企业集团和国有企业集团进行分别研究,发现:(1)与国有企业集团相比,产融结合策略对民营企业生产率提升的促进作用更为明显;(2)在Malmquist指数的分解指数中,技术效率指数(EC)占据主导地位,即技术效率指数对企业集团产融结合效率的促进作用(或制约作用)大于技术进步指数(TC)对产融结合效率的制约作用(或促进作用),这在民营企业集团和国有企业集团样本中均体现明显。
Based on the Malmquist index method, the paper chooses the listed companies which belong to unlisted financial institutions in 2014 and belongs to the group as the research sample, evaluates the efficiency of the financial integration between Chinese enterprises and the private-owned enterprises and the state-owned enterprises, and finds that: (1) Compared with the state-owned conglomerates, the promotion effect of the combination of production and financing on the promotion of private-owned enterprises’ productivity is more obvious; (2) Among the decomposition indexes of Malmquist index, the technical efficiency index (EC) The accelerating effect (or restraining effect) of the index on the efficiency of the industrial and financial integration of the enterprise group is greater than the restrictive effect (or promoting effect) of the technological progress index (TC) on the efficiency of the industrial and financial integration, which is reflected in the sample of the private enterprise group and the state-owned enterprise group obvious.