我国企业集团产融结合研究

发布时间：2018-05-28 16:20

本文选题：企业集团 + 产融结合　；参考：《财政部财政科学研究所》2012年硕士论文

【摘要】：产融结合即工商企业等产业资本与银行、证券、保险等金融资本的互动关系。产融结合在西方国家已经走过了一百多年的历史,大多数知名跨国公司采用产融结合发展模式取得了巨大成功。自1987年东风汽车工业财务公司成立以来,产融结合在我国已经走过了25年的发展历程。近年来,伴随着深化金融体制改革的不断推进与资本市场逐渐成熟壮大,我国企业集团产融结合又一次掀起新的热潮。根据波特理论,国家竞争优势源于企业,企业是变革创新赢得竞争优势的主角。重新审视并系统研究我国企业集团产融结合战略对提升公司国际竞争力具有重大现实意义。本文将产融结合研究视角定位于企业集团微观层面,将产融结合定义为产业部门与金融部门通过产权关系为基础,以经济利益为中心,实现企业产融互动、有机结合、混合发展的一种经济机制。金融资本论、金融控制论等传统产融结合理论阐述了垄断资本主义形成时期产业资本与金融资本的结合机制与融合过程,但是其过度强调二者融合带来的负效应。交易费用论、信息不对称论、协同效应论、多元化论与公司资源论较为合理的解释了当代企业集团产融结合动因。在产融结合实践方面,美国GE公司是不争的领导者,GE金融与GE集团主业互为支撑、协同发展,为我国企业集团提供了诸多经验及启示。我国企业集团产融结合经历了起步期、治理期、曲折发展期三个阶段后,迎来了蓬勃发展的热潮。本文以中航工业集团为例,全面解析其在产融结合方面的大胆探索,以期为我国大型企业集团实施产融结合之路提供现实经验。产融结合同时是把双刃剑,企业集团应通过规范公司治理、市场交易原则、防火墙设置、信息披露机制等措施,防范系统性风险、产业整合风险、财务杠杆风险等产融结合问题。政府在规范与完善企业集团产融结合行为方面,应做好引导企业发展主业相关金融、加强行政监管体系、推动金融控股公司立法等工作。
[Abstract]:The combination of industry and finance is the interaction between industrial and commercial capital and banking, securities, insurance and other financial capital. The combination of production and finance has gone through more than one hundred years in western countries, and most famous multinational corporations have achieved great success in adopting the model of combination of production and finance. Since the establishment of Dongfeng Automobile Industry Finance Company in 1987, the combination of production and finance has gone through 25 years of development in China. In recent years, with the deepening of the reform of the financial system and the gradual maturity of the capital market, the combination of industry and finance of enterprise groups in China has set off a new upsurge. According to Porter's theory, the national competitive advantage originates from the enterprise, and the enterprise is the protagonist of the innovation to win the competitive advantage. It is of great practical significance to re-examine and systematically study the strategy of industrial and financial integration of enterprise groups in China to enhance the international competitiveness of the company. In this paper, the research angle of the combination of production and finance is positioned at the micro level of enterprise group, and the combination of production and finance is defined as the combination of industry and finance through the property right relationship, taking the economic benefit as the center, realizing the interaction of industry and finance, organically combining production and finance. An economic mechanism for mixed development. The traditional theory of combination of production and finance, such as the theory of financial capital and financial cybernetics, expounds the mechanism and process of combination of industrial capital and financial capital during the forming period of monopoly capitalism, but it overemphasizes the negative effect brought by the combination of the two. Transaction cost theory, information asymmetry theory, synergetic effect theory, diversification theory and corporate resource theory explain the combination of industry and finance in contemporary enterprise groups reasonably. In the practice of combination of industry and finance, GE Corporation of America is an indisputable leader. GE Finance and GE Group support each other and cooperate with each other, which provides a lot of experience and inspiration for Chinese enterprise groups. The combination of industry and finance of enterprise groups in our country has experienced three stages: starting period, governance period and zigzag development period, and ushered in a boom of vigorous development. This paper takes the China Aviation Industry Group as an example to analyze its bold exploration on the combination of industry and finance in order to provide practical experience for the implementation of the combination of industry and finance in large enterprise groups in China. The combination of production and finance is a double-edged sword at the same time. Enterprise groups should guard against systemic risks and industrial integration risks by standardizing corporate governance, market transaction principles, firewalls, information disclosure mechanisms, etc. Financial leverage risk and other issues of combination of production and finance. The government should guide enterprises to develop related finance, strengthen the administrative supervision system and promote the legislation of financial holding company in standardizing and perfecting the behavior of combining production and finance with enterprise groups.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F279.2;F832.3

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