中文摘要：

金融对实体经济的影响与日俱增，其重要微观表现是越来越多的制造业企业选择产融结合。应用基于柯布一道格拉斯生产函数的SFA模型，系统收集2005--2011年我国制造业上市企业投入产出及相关影响因素的面板数据，评估了这类企业的产融结合效率，分析了影响因素。研究发现：考察期间我国制造业上市企业产融结合效率还不高，不同企业之间差异很大；劳动力对这类企业产出的促进作用明显强于资本；企业规模和政府支持对产融结合效率有正向影响，财务风险、参股比例、金融支持对产融结合效率有负向影响，而产权性质对产融结合效率的影响不明显。根据研究结论，提出了提升我国制造业上市公司产融结合效率的对策。

英文摘要：

With the increasing impacts of financialization on physical economy, one of important manifestations at micro-level is more and more manufacturing firms engaging in financial-industrial integration. Using stochastic fron- tier approach based on Cobb-Douglas production function, collecting the listed manufacturing companies in China and the related impact factors of input and output factors in panel data from 2005-2011, the paper measures tech- nical efficiency of financial-industrial integration and analyzes influencing factors. The results show that the over- all technical efficiency of financial-industrial integration of the listed manufacturing companies in China is not very high, the disparities between different companies are very big. Labor shows stronger promotion on output than capital. The company scale and govemment support have positive effects on technical efficiency of finan- cial-industrial integration, whereas financial risk, equity ratio and financial support have negative effects on techni- cal efficiency. There is no significant impact of property right on technical efficiency of financial-industrial integra- tion. Based on the results, the paper proposes policy recommendations to enhance the technical efficiency of finan- cial-industrial integration of the listed manufacturing companies in China.