产业资本和金融资本融合模式选择分析

发布时间：2018-03-02 05:00

本文关键词： 产业资本金融资本产融结合　出处：《山东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国经济迅猛发展，国内企业的规模日益扩大，全球化成为企业发展的必然选择。但2008年以来，蔓延全球的经济危机向“走出去”的中国企业敲响了警钟，企业不仅需要解决管理上的问题，更重要的是拥有充足的资金。产融结合作为一条重要途径，，为企业的发展提供了更加多样化的选择。但德隆模式的失败给我国产融结合的成功进行蒙上了一层阴影。作为发展中国家，如何走出自己的产融结合之路，我国的企业如何选择产融结合的模式，已成为迫切需要解决的问题。本文总结了国内外有关产融结合的相关文献，阐述了有关产融结合的理论基础及各方观点，并以有限理性和进化博弈模型为基础，对产业资本和金融资本的投资性做了相关分析，在对市场主导型产融结合和银行主导型产融结合模式的比较分析的基础上提出适合我国的产融结合模式。具体结论如下： 1、产融结合可以优化资源配置，降低交易费用，增加企业的竞争力，同时，产融结合的发展应该与经济发展相适应，我国的产融结合应该建立在多元化投融资经济体系的基础上，银行与企业应相互影响、相互渗透。而产融结合的过程中则会伴随着诸如内幕交易等风险的存在，有效合理的进行产融结合，选择可行的产融结合模式对于我国工商企业和金融机构来说都是一个挑战。 2、企业的融资结构、国家的法律基础、金融体制银企之间的联系机制和政府对于产融结合的参与程度都会对产融结合的产生和演变产生一定的影响。有限理性和演化的博弈分析能够很好的解释各个因素如何在产融结合过程中造成影响。 3、产融结合成功的关键在于有关产业部门和金融机构选择共同投资，通过国外产融结合模式的分析和我国现存问题的总结可以得出我国的产融结合模式是双向结合模式，既为金融资本转化为产业资本提出道路又为产业资本转化为金融资本提出方法。同时，为了保证产融结合的顺利进行，企业集团的顺利壮大，我国政府也需要调整相关政策、完善相关制度，这样才能使我国经济能够在世界经济的舞台上站稳脚步。本文的创新性在于： 1、在分析总结国内外学者对产融结合的研究的基础上，提出产融结合的微观定义和其产生的原因； 2、运用有限理性及进化博弈模型建立有关工商企业和金融企业的博弈分析，并在博弈模型的基础上分析各个因素是如何对于产融结合进行影响的； 3、对市场主导型的产融结合和银行主导型的产融结合模式进行比较分析，得出其优缺点。同时分析我国产融结合的现状和存在的问题，在两者基础上得出适合我国的产融结合模式。
[Abstract]:With the rapid development of China's economy, the domestic enterprise scale expansion, globalization has become an inevitable choice for enterprise development. But since 2008, the spread of the global economic crisis to "go out" Chinese enterprises sounded the alarm, enterprises not only need to solve management problems, more important is to have sufficient funds as a combination of. An important way of financial products, to provide a more diverse selection for the development of the enterprise. But Delong the failure mode of the combination of domestic finance to successfully cast a shadow. As a developing country, how to get out of their own combination of the road, how to choose the combination mode of the enterprises in our country, has become the an urgent need to solve the problem.
This paper summarizes the domestic and foreign literature about the combination, expounded on the combination of basic theories and views, and with limited rationality and evolutionary game model based on the industrial capital and financial capital investment to do related analysis, based on the combination of industry and finance and bank oriented the mode of combining the comparative analysis of the market for our CBIF model. The main conclusions are as follows:
1, can be combined to optimize the allocation of resources industry and finance, reduce transaction costs and increase the competitiveness of enterprises, at the same time, the development should be commensurate with the economic development of industry and finance, our CBIF foundation should set up the investment and financing system in diversified economy, banks and enterprises should be mutual influence, mutual penetration and combination process. Finance will be accompanied by such as insider trading and other risks are effective and reasonable for the combination, choosing the feasible combination model is a challenge for China's industrial and commercial enterprises and financial institutions.
2, the financing structure of enterprises, the legal basis of the country, between the bank and the financial system of the contact mechanism and government participation in the combination will be on the generation and evolution of influence of IIFC bounded rationality and evolutionary game theory can well explain the factors how to impact on financial products in the process of combination.
3, the combination of the key to success lies in the choice of investment related industries and foreign financial institutions, through the combination mode analysis and summary of the existing problems of our country can draw our CBIF model is a two-way binding mode, not only puts forward the way for financial capital into industrial capital and industrial capital transformation as the financial capital of the proposed method. At the same time, in order to ensure the combination of smooth, smooth growth of China's enterprise groups, the government also needs to adjust relevant policies, improve the relevant system, so as to make the economy of our country to gain a foothold in the world economic arena.
The innovation of this article lies in:
1, on the basis of analyzing and summarizing the domestic and foreign scholars' research on the combination of production and thawing, this paper puts forward the microcosmic definition of the combination of production and thawing and the causes of its production.
2, we use bounded rationality and evolutionary game theory to establish game theory about business and financial enterprises. Based on game theory, we analyze how various factors affect the integration of industry and finance.
3, we compare and analyze the market led combination of industry and finance and bank LED industry and finance combination, and draw the advantages and disadvantages. At the same time, we analyze the current situation and existing problems of China's domestic financial integration, and draw a suitable combination mode of industry and Finance on the basis of them.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F273.4;F832

【参考文献】