中文摘要：

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。

英文摘要：

Based on Malmquist index, the paper evaluates the efficiency of business group＇ s industrial -financial integration in China by choosing listed companies who participated non -listed financial intermediaries in 2014 and belong to business groups as research subjects. Studies are made on private business group and state -owned business groups respectively. The authors find out that ： （ 1 ） Compared with the state -owned business groups, industrial -financial integration strategy has stronger effect on improving the productivity of private business groups. （2） In the decomposition index of Malmquist index, efficiency change index （EC） plays a dominant role, not only in the samples of state -owned business groups but also in the private business groups. It indicates that the promotion （prohibition） function of EC on the efficiency of industrial -financial integration is greater than that of the technical change index （TC）.