我国上市公司产融结合的行业差异性及绩效影响的研究

发布时间：2018-09-12 07:31

【摘要】：产融资本的结合是市场经济进步成长到一定水平的必然产物,也是提升企业核心竞争力的重要战略选择,我国产融结合虽然起步较晚,尚处于初级发展的阶段,但伴随着国内不断成长壮大的实体产业和飞速扩张的金融市场的结合,国内产融结合的发展自2006年开始进入大规模扩张阶段,许多实体工商企业逐渐开始涉足资本市场,以期望能够通过与金融资本的结合而寻找到一条适合企业长久发展的新盈利模式。一方面国内各大银行开始大力发展自身业务,许多股份制银行逐渐建立。另一方面,实体产业实施产融结合的动机逐渐趋于多元化发展,脱离了“一边倒”的特征。在大环境的带动下,产融结合的行业差异就逐渐显现出来,那么到底什么类型的行业或企业更倾向于实施产融结合呢?不同特征下的企业选择产融结合产生的效果又存在怎么样的差别呢?产融结合这一发展途径和结合后程度的深浅又分别会对企业绩效产生怎么样的影响呢?本文以我国非金融类上市公司对金融机构的持股情况作为主要视角,并将企业是否长期对金融机构持股作为企业产融结合的依据,着重关注产融结合的行业差异以及对企业自身绩效的影响。本文运用定性和定量的方式,将实施产融结合的理论依据作为铺垫,从理论上对产融结合的产生动因及行业差异性机理进行阐述,并结合我国产融结合的发展历程及现状特点,以2009-2015年作为样本区间,筛选出358家非金融类上市公司作为研究对象并对其特点和差异进行分析。在此基础上,一方面,本文将企业进入产融结合作为研究切入点,将企业是否属于资本密集型行业作为解释变量,引入总资产(对数值)、资产负债率等6个控制变量,通过Pearson检验、Logistic多元回归模型等来检验产融结合与行业差异倾向的影响,并通过Kruskal-WallisH检验来验证不同要素集约型行业间是否存在差异性;另一方面,本文从盈利能力、偿债能力、收益质量及资本结构四个方面,选取了资产负债率、净资产收益率等9个绩效指标,首先通过KMO和Bartlett球形检验建立指标体系,运用因子分析筛选出主因子并计算企业的年度综合绩效指标,并通过配对样本t检验来探索产融结合实施之后对企业整体绩效的影响。其次将产融结合程度作为解释变量,引入公司规模和杠杆系数作为控制变量,运用多元回归模型检验产融结合程度对企业绩效的影响。最后以要素集约型行业作为虚拟变量,运用面板数据的多元回归模型探索行业差异对企业产融结合绩效的影响。本文总结了相关理论和实证研究结果,得出以下主要结论:第一,Logistic多元回归中解释变量(是否为资本密集型行业)系数为0.76410且结果显著,表明资本密集型行业更倾向于实施产融结合。第二,在行业差异对企业绩效影响的回归结果中,虚拟变量1(是否为资本密集型行业)的系数为0.04950且结果显著,虚拟变量2(是否为资源密集型行业)的系数为-0.0549但结果不是十分显著,表明资本密集型行业较之劳动密集型行业和资源密集型行业的产融结合绩效最好。第三,在配对样本t检验中,仅有2009-2010年的结果显著,其余均未通过t检验,这就表明从整体来看,现阶段企业进行产融结合对企业绩效的影响并不显著。但以产融结合程度作为解释变量的回归模型中,其系数为0.00590且显著,表明产融结合程度与企业绩效呈正相关关系,也就是说,产融结合程度越高,企业越有可能是从长期战略目标发展的角度实施产融结合,因此能够整合优势资源来提高企业绩效。最后,希望通过本文的研究,可以帮助政府、企业更加客观、理性并全方位的评价产融结合,为政府制定相关政策提供更多的参考依据,并且能够有助于企业客观分析产融结合,确立长期战略发展目标,从而推动我国实体工商企业产融结合向着更好更快的方向发展。
[Abstract]:The combination of production and financing costs is the inevitable outcome of the progress of market economy to a certain level and an important strategic choice to enhance the core competitiveness of enterprises. Since 2006, the development of the combination of industry and finance has entered a stage of large-scale expansion. Many real industrial and commercial enterprises have gradually begun to step into the capital market in order to find a new profit model suitable for the long-term development of enterprises through the combination with financial capital. On the other hand, the motive of implementing the combination of industry and finance in the real industry is gradually diversifying away from the "one-sided" feature. Under the driving of the environment, the industry differences of the combination of industry and finance gradually appear. So what kind of industries or enterprises are more inclined to implement the combination of industry and finance under different characteristics? What are the differences between the effects of the combination of industry and finance? How will the combination of industry and finance affect the performance of enterprises? This paper takes the shareholding of non-financial listed companies in financial institutions as the main perspective, and whether the enterprises are long-term or not. As the basis of the combination of industry and finance, the shareholding of financial institutions pays more attention to the industry difference of the combination of industry and finance and its influence on the performance of enterprises. Combining with the development course and current situation of the combination of industry and finance in China, this paper selects 358 non-financial listed companies from 2009 to 2015 as the sample interval and analyzes their characteristics and differences. Six control variables, including total assets (logarithmic value), asset-liability ratio and so on, are introduced to examine the impact of the combination of industry and finance and industry differentiation tendency by Pearson test and Logistic multiple regression model, and Kruskal-WallisH test is used to verify whether there are differences among different intensive industries. From four aspects of profitability, solvency, earnings quality and capital structure, this paper selects nine performance indicators, such as asset-liability ratio, return on net assets and so on. Firstly, it establishes an index system by KMO and Bartlett spherical test, uses factor analysis to screen out the main factors and calculates the annual comprehensive performance indicators of enterprises, and through paired sample t test. Secondly, we take the degree of integration of industry and finance as the explanatory variable, introduce the company size and leverage coefficient as the control variable, and use multiple regression model to test the impact of the degree of integration of industry and Finance on enterprise performance. This paper summarizes the relevant theories and empirical results and draws the following main conclusions: First, the coefficient of explanatory variable (whether capital-intensive industry) in Logistic multiple regression is 0.76410 and the results are significant, indicating that capital-intensive industry is more inclined to the capital-intensive industry. Second, in the regression results of the impact of industry differences on enterprise performance, the coefficient of fictitious variable 1 (whether capital-intensive industries) is 0.04950 and the result is significant. The coefficient of fictitious variable 2 (whether resource-intensive industries) is - 0.0549 but the result is not very significant, indicating that capital-intensive industries are more labor-intensive than other industries. Thirdly, in the matched sample t test, only the results of 2009-2010 were significant, and the rest did not pass the t test, which shows that the impact of the combination of industry and Finance on enterprise performance is not significant at this stage. In the regression model, the coefficient is 0.00590 and significant, indicating that the degree of integration of industry and finance is positively related to enterprise performance. In other words, the higher the degree of integration of industry and finance, the more likely the enterprise is to implement the integration of industry and finance from the perspective of long-term strategic objectives, so it can integrate superior resources to improve enterprise performance. The research can help the government and enterprises to evaluate the combination of industry and finance more objectively, rationally and omni-directionally, provide more references for the government to formulate relevant policies, and help enterprises to analyze the combination of industry and finance objectively, establish long-term strategic development goals, so as to promote the integration of industry and finance of China's entity industrial and commercial enterprises to a better and faster direction. Development.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51

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