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Keywords

combination of industry and finance, nature of property rights;excessive debt

Abstract

This article takes 2011-2017 A-share non-financial listed companies as a sample, based on the combi- nation of industry and finance of non-financial listed companies holding financial institutions, empirically tested the impact of industry-finance integration on excessive debt behavior of enterprises, and explored the nature of property rights on the impact of financial integration on the excessive debt behavior of enterprises. The study found that: Compared with the enterprises that have not implemented the combination of industry and finance, the enterprises that have implemented the combination of industry and finance can alleviate the excessive debt behavior of the enterprise; Compared with the enterprises that have not implemented the combination of industry and finance,the state-owned enterprises that have implemented the combination of industry and finance Enterprises are more significant than non-state-owned enterprises in mitigating excessive debts. The paper enriches the research on the economic consequences of the combination of industry and finance, and at the same time has a certain theoretical reference significance to the current way to promote the combination of industry and finance to reduce corporate leverage.

DOI

10.16315/j.stm.2021.01.008

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