证券市场导报Issue(9)：46-56,79,12.
业财融合能否推动企业可持续发展?
摘要
Abstract
As a management model featuring deep integration of finance and business processes,business-finance integration can improve operational efficiency and strengthen risk control.However,some studies point out that business-finance integration has potential negative impacts on the organizational boundaries,business development,and costs and expenses of enterprises.Based on large language models,this paper innovatively constructs a relatively comprehensive lexicon of business-finance integration and empirically examines its impact on corporate sustainability and the underlying mechanisms.The findings reveal that business-finance integration can promote corporate sustainable development.The mechanisms are as follows.(1)It promotes organizational structure flattening and enhances management's overall control capabilities,helping enterprises accurately assess investment,financing,and operational risks,thereby improving internal control levels.(2)It achieves dynamic matching between capital allocation and business needs while providing banks and investors with more comprehensive operational data,thus alleviating internal and external financing constraints.(3)It helps enterprises dynamically balance the interests of employees,customers,suppliers,and other stakeholders,optimizing resource allocation by integrating social responsibility investments with financial performance data,thereby promoting effective corporate social responsibility fulfillment.(4)It releases more funds and resources for research and development and innovation activities,helping enterprises evaluate the potential of innovation projects,thus improving corporate innovation levels.The heterogeneity analysis indicates that the positive impact of business-finance integration on sustainable development is more significant in enterprises with higher degrees of digital transformation,higher development maturity,and CEOs with financial backgrounds.To effectively harness the benefits of business-finance integration,firms should clearly delineate departmental responsibilities and performance appraisal standards,optimize the allocation of hybrid talent across decision-making and execution tiers,and fully leverage the role of cutting-edge digital technologies and management accounting tools in operational management and strategic decision-making.关键词
业财融合/可持续发展/大语言模型/内部控制/融资约束/社会责任Key words
business-finance integration/sustainable development/large language model/internal control/financing constraint/social responsibility分类
管理科学引用本文复制引用
周卫华,郭子佳,王燊麒..业财融合能否推动企业可持续发展?[J].证券市场导报,2025,(9):46-56,79,12.基金项目
全国会计重点科研课题"大数据与智能会计标准化建设问题研究"(2023KJA3-10)、中国财政科学研究院招标课题"数字时代背景下会计信息化推动业财融合路径研究"(2024ZB-LL01) （2023KJA3-10）
