产融结合对产业结构升级的促进研究

发布时间：2018-07-22 19:12

【摘要】：改革开放以来，随着我国产业发展的不断壮大成熟，金融领域开放，产业资本对金融机构的控制趋势增强。在日趋严峻的竞争环境中，产融结合已经是产业资本和金融资本结合的必然结果。理论界对产融结合战略的有效性的认识存在分歧。郎咸平认为世界产融结合的典范——通用电气(GE)不过是韦尔奇制造的一大堆金融泡沫。而对产融结合情有独钟的张瑞敏就指出:“不管怎么样，我们还是要把产业与金融的互动关系建立起来，最终目标是产业占一半，金融占一半。”从宏观层面上看，基于提升国家竞争力考量，可以尝试通过产业、金融资本融合的形式来突破传统的企业、金融经营模式，从而提高我国企业竞争力和知名度。从微观上分析，企业规模的扩大主要来自于资本的扩大，而金融资本的注入无疑可以使公司更大范围的控制市场和解决自身内部资金流动。笔者对产融结合的效应从金融结构优化和产业升级两个方面入手，在自向量回归模型（VAR）的框架下，通过VEC基础上的Granger检验和Johansen、EG协整分析建立长期均衡关系，以及基于VAR的新息分析法，考察1993—2010年产融结合与产业升级和金融结构的动态关系。产业升级采用产业优化率(YHV)来表示，即第二、三产业的增加值与当年GDP的比值表示，得出1993—2010年该区的产业呈现“二三一”的格局，第二产业占主要优势，并且第三产业有逐渐发展超越的势头，沿着“三二一”的模式发展。金融结构指标分为三个方面，即金融机构结构优化（FSS）、金融市场结构优化(FMS)、金融资产结构优化(FAS)，得出目前的金融结构虽然有优化的趋势，但是整个发展有波动性，政府干预较严重。本文最后得出的结论是：目前产融结合还处于初级阶段，与产业升级之间在短期不存在因果关系，产融结合的扩大对产业升级没有促进作用。在长期两者有均衡关系，但影响系数微弱，关系不明显。产融结合与金融结构之间存在明显的双向因果关系，，并且产融结合的扩大对金融结构优化有明显的促进作用。长期之间也存在均衡关系。
[Abstract]:Since the reform and opening up, with the growing and mature of China's industrial development, the financial sector is open, and the trend of industrial capital to control financial institutions is enhanced. In the increasingly severe competitive environment, the combination of production and finance has been the inevitable result of the combination of industrial capital and financial capital.
There are differences in the theorists' understanding of the effectiveness of the integration strategy. Lang Xianping believes that GE is just a huge financial bubble made by Welch, and Zhang Ruimin, who has a unique combination of financial and financial integration, says, "in any case, we have to build an interactive relationship between industry and Finance. On the macro level, we can try to break through the traditional enterprises and financial management mode through the industry and financial capital integration, thus improving the competitiveness and popularity of our enterprises. From the micro analysis, the expansion of the scale of the enterprise. Mainly from the expansion of capital, and the injection of financial capital will undoubtedly enable companies to control the market and solve their own internal capital flows.
On the basis of the two aspects of financial structure optimization and industrial upgrading, the effects of financial structure integration and industrial upgrading are carried out. Under the framework of the self vector regression model (VAR), the long-term equilibrium relationship is established by Granger test on the basis of VEC and Johansen, EG cointegration analysis, and the new interest analysis method based on VAR to investigate the industrial and financial integration and industrial upgrading and gold in the period of 1993 to 2010. The industrial upgrading adopts the industrial optimization rate (YHV) to indicate that the ratio of the added value of the second, third industry and the ratio of the year GDP indicates that the industry of the area has a "231" pattern in the region from 1993 to 2010, the second industry occupies the main advantage, and the third industry has the momentum of gradual development and transcendence, along the "321". The financial structure index is divided into three aspects, namely, the optimization of financial institution structure (FSS), the optimization of financial market structure (FMS) and the optimization of financial assets structure (FAS). It is concluded that the current financial structure has an optimized trend, but the whole development is fluctuant and the government intervention is serious. The conclusion of this article is: current integration and integration It is still in the primary stage, and there is no causal relationship with industrial upgrading in the short term. The expansion of the integration of production and finance has no effect on industrial upgrading. In the long run, there is a balanced relationship between the two, but the influence coefficient is weak and the relationship is not obvious. There is a clear two-way causal relationship between the combination of production and finance and the financial structure. The optimization of financial structure plays a significant role in promoting long-term equilibrium.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832;F121.3

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