中国民营企业产融结合绩效分析

发布时间：2018-01-10 19:04

本文关键词：中国民营企业产融结合绩效分析　出处：《辽宁大学》2012年硕士论文　论文类型：学位论文

【摘要】：产业资本与金融资本的结合是市场经济发展到一定阶段的必然产物，它是产业资本与金融资本在一个企业内部的有机融合，是基于公司控制市场的战略构想，可以降低企业的融资成本，强化企业内部资金的集约化管理，此外，产融结合有利于企业形成规模经济，获得国际竞争优势，从而有效地增强企业的核心竞争力。产融结合指的是产融资本的一体化，即产业资本和金融资本这两类资本互相投资、参股、控股，并在此基础上，实现业务的结合和人事的结合。需要注意的是产融结合是一个动态概念，描述的是一个产业资本与经济资本相互融合的经济过程。当今世界500强中有80%以上都进行了有效地产融结合。产融结合的实践表明产融结合是一把双刃剑，其对经济绩效的影响是双向的，既有协同效应，也有负面效应。它既可能提高企业竞争力，造就一批如海尔、光大、中信、鲁能等成功的大企业，也可能给企业带来一定的风险，德隆系的崩溃，大宇的倒闭，现代的拆分，则充分证明了这一点。如何在理论及政策上促进企业改革和金融改革的协调进展，寻求产业资本与金融资本有效结合的新模式，打造具有国际竞争力的大公司、大集团，已成为我国企业面临的重大课题。在我国当前金融改革与产业结构升级的双重压力下，探讨产业资本与金融资本有效结合对于促进我国金融改革，推进产业发展都具有重要的现实意义。首先，本文对产融结合的概念进行了界定，分析了产融结合的动因，对国内外相关研究状况进行了概述。同时指出了我国现阶段产融结合的特点及存在的问题，并从“由产到融”及“由融到产”两种路径分析了产融结合的各种模式及其利弊，希望探寻到适合我国国情的产融结合模式。其次，本文以深、沪两市进行了产融结合的民营上市公司为样本，采用6个指标综合衡量企业的绩效，收集2004年至2010年6个指标的具体数值，通过因子分析计算出公司的综合绩效。在对企业产融结合程度与企业绩效的相关性分析中，将2005年产融结合程度的指标作为自变量，将2004年至2010年7年的综合绩效平均指标作为因变量，将企业规模、杠杆系数作为控制变量，用多元回归分析法检验了产融结合程度对公司绩效的影响，得出结论：我国民营企业产融结合程度与绩效的关系并不明显，即产融结合对企业的发展效果并不明显，并指出这主要是由我国现阶段产融结合程度还比较低造成的。最后，，在得出上述结论的基础上，本文进行了实务性探讨，提出了进一步促进我国产融结合发展的对策，希望对今后的研究与实践提供一些参考。
[Abstract]:Combination of industrial capital and financial capital is the inevitable outcome of the development of market economy, it is the organic integration of industrial capital and financial capital in an enterprise, is the control strategy of company based on the market, can reduce financing costs, intensive management, strengthen the enterprise internal funds in addition, combined with the help the enterprise scale economy of industry and finance, international competitive advantage, so as to effectively enhance the core competitiveness of enterprises. The combination refers to the integration of financial capital, the industrial capital and financial capital of these two types of capital mutual investment, equity participation, holding, and on this basis, realize the combination and combination of personnel services. Note that the combination is a dynamic concept description is an economic process of industrial capital and economic capital integration.
The world's top 500 in more than 80% of the effective real estate withharmony. The combination of the practice shows that the combination is a double-edged sword, its impact on economic performance is two-way, both have a synergistic effect, also have a negative effect. It can improve the competitiveness of enterprises, create a number such as Haier. Everbright, CITIC, Luneng and other successful businesses, may also bring risks to the enterprise, Delong collapse, Daewoo's collapse, the modern split, it is fully proved this point. How to promote the coordinated development of enterprise reform and financial reform in theory and policy, to seek a new mode of combination of industrial capital with financial capital, to build a large company, with the international competitiveness of large group, has become a major issue facing enterprises in China. In the current financial reform and the dual pressures of upgrading the industrial structure of our country, explore the industrial capital and financial capital Effective combination is of great practical significance for promoting China's financial reform and promoting industrial development.
First of all, based on the combination of the concept, analysis of the combination of the motivation, the status of domestic and foreign research are summarized. Also pointed out that in China at the present stage of the combination of the characteristics and problems, and from the "made to melt" and "into" two a path analysis of the various models of the combination of advantages and disadvantages, hoping to find a suitable for China's national conditions of the combination mode.
Secondly, based on the deep, Shanghai two, the combination of private listed companies as samples, using 6 indicators to measure the performance of enterprises, the specific value from 2004 to 2010 6 indicators, through factor analysis to calculate the comprehensive performance of the company. In the enterprise industry and finance combination degree and enterprise performance the correlation analysis, 2005 annual integration degree index as independent variables, the comprehensive performance of 2004 to 2010 of 7 years average index as the dependent variable, the firm size, leverage as control variables, tests the impact, the combination degree on the performance of the company concluded by the multivariate regression analysis method: the relation of China's private enterprise integration degree and performance is not obvious, which is the combination of development effect of enterprises is not obvious, and pointed out that this is mainly by the combination of the present stage of our country is comparatively low.
Finally, on the basis of the above conclusions, this paper conducts a practical discussion, and puts forward some countermeasures to further promote the development of our domestic integration, hoping to provide some references for future research and practice.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.5;F832.4

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