Abstract: This study aims to analyze the efficiency and influencing factors of participating in financial institutions in China’s listed manufacturing enterprises, and uses the stochastic frontier model (SFA) to carry out empirical research. Firstly, with the help of SFA, combining with the condition of integration of industry and finance of manufacturing enterprises, the indexes of output, input and influencing factors of the manufacturing enterprises were screened out, and the calculation model of integration of production and financing efficiency was established. Then, the integration of production and financing of manufacturing enterprises in 2006–2016 was used as the research case. Using the Frontier 4.1 and applying the CD production function as the production function of SFA in this study to calculate the efficiency of its panel data. The results show that the efficiency of the integration of production and financing is basically on the rise in 2006–2016. The scale of enterprises, the proportion of shares, the financial risk, the government support and the financial support all significantly affect the efficiency, and the property right has little effect on the efficiency of the integration.
Keywords: SFA, manufacturing enterprises, integration of production and finance
efficiency
