我国上市公司产融结合的效应分析

发布时间：2018-08-12 19:57

【摘要】：产融结合是市场经济发展到一定程度的产物,随着中国融入国际经济的深入发展,中国改革开放攻坚战的打响,中国企业的市场竞争力和国际竞争力低的问题逐步显示出来了,原本单一的生产经营模式已经不再适合这个时代发展的要求,许多企业选择涉足资本市场,纷纷斥资金融机构,产融结合必然成为中国企业“做强做大”的基本战略选择。然而,我国产融结合的历史比起西方发达国家要短,对产融结合理论的研究滞后于产融结合目前发展的现状,另外我国企业所面对的市场环境比起西方来讲更为复杂,资本市场尚未完全成熟,2004年爆发的德隆危机对正要准备进行产融结合的敲响了警钟,因此对企业产融结合后的绩效研究显得尤为重要。本文在传统产业经济学理论基础上,结合金融学的知识,在研究产业资本向金融资本渗透的理论基础上,考察我国上市公司产融结合的具体问题,运用定性与定量分析相结合,分析了我国上市公司产融结合后的企业绩效。本文首先厘清产融结合的相关概念,对产融结合的内涵进行了扩展,并从制度因素、生产力发展水平因素、金融价格水平因素、国际经济发展因素角度,对影响产融结合顺利进行的因素作初步探讨,并且在这些影响因素一定的条件下,进一步讨论在什么条件下并以什么样的方式才能实现更好的结合。通过机制定位,市场基础建设,机制纽带来对产融结合机制的建设问题进行探讨。从我国证券市场角度出发,着眼于行业分布特征、产融结合程度、产融结合模式这三方面来阐释我国上市公司产融结合的特征,分析我国上市公司产融结合的动因,并通过实证检验来验证,得出产融结合并不能实现交易费用的降低,以及协同效应,从而推翻了传统观点,认为产融结合能过降低交易成本,实现协同效应。通过数据模型得出我国产融结合所面临的潜在危害,并以对上市公司的企业绩效进行实证检验。通过种种分析,表明了我国上市公司产融结合还处于初级阶段,只是一种逐利手段,并不是战略投资,只有当产融结合的程度达到一定的程度,产融结合产生的绩效也会越明显。本文在研究方法上采用定性分析与实证分析相结合。以实证分析为主,以期提出可操作性强的具体对策与措施。中国上市公司产融结合的绩效进行了定量的分析,以求对问题的研究能够科学、正确。以2005年进行产融结合的上市公司作为统计样本,运用Logit回归对产融结合的动因进行分析,通过Wilcoxon秩检验对我国上市公司的经营绩效进行假设检验,以及通过市盈率、每股收益这两个财务指标构建两个一元线性回归模型对产融结合程度与企业绩效之间关系进行回归分析,通过对产融结合的绩效进行的实证研究,从中得出政策建议。本文的研究对于上市公司发展产融结合提高企业的经营绩效,增强市场上的竞争力有重要的理论意义和现实意义。对国家有关部门对产融结合制定相关政策,对个人和机构投资者正确把握投资方向,提供了一定理论方面的参考。另外,对于我国其他想要发展产融结合的企业有一定的借鉴作用。
[Abstract]:The combination of production and finance is the product of the development of market economy to a certain extent. With the deepening development of China's integration into the international economy and the start of China's reform and opening-up, the problem of low market competitiveness and international competitiveness of Chinese enterprises has gradually emerged. The original single mode of production and management is no longer suitable for the development of this era. However, the history of China's industrial-financial integration is shorter than that of western developed countries, and the research on the theory of industrial-financial integration lags behind the current situation of the development of industrial-financial integration. The market environment is more complicated than that in the West, and the capital market is not yet fully mature. The Delong crisis in 2004 sounded an alarm bell to prepare for the integration of industry and finance. Therefore, it is particularly important to study the performance of enterprises after the integration of industry and finance.
Based on the theory of traditional industrial economics and the theory of financial science, this paper investigates the specific problems of the combination of industry and finance of Listed Companies in China on the basis of the study of the penetration of industrial capital into financial capital, and uses qualitative and quantitative analysis to analyze the performance of Listed Companies in China after the combination of industry and finance. The related concepts of the combination of industry and finance have been expanded, and from the angle of system factors, productivity development level factors, financial price level factors and international economic development factors, the factors affecting the smooth progress of the combination of industry and finance have been preliminarily discussed, and under certain conditions, what are the factors further discussed From the point of view of China's securities market, this paper expounds the listed companies from three aspects: the distribution characteristics of the industry, the degree of the combination of industry and finance, and the mode of the combination of industry and finance. This paper analyzes the characteristics of the combination of industry and finance, analyzes the motivation of the combination of industry and finance of Listed Companies in China, and proves that the combination of industry and finance can not reduce transaction costs and achieve synergy effect by empirical test, thus overthrowing the traditional view that the combination of industry and finance can reduce transaction costs and achieve synergy effect. Through various analyses, it is shown that the combination of industry and finance of Listed Companies in China is still in the primary stage, and it is only a means of profit-seeking, not a strategic investment. Only when the degree of the combination of industry and finance reaches a certain degree, can the performance of the combination of industry and finance be produced. The more obvious it will be.
This paper combines qualitative analysis with empirical analysis. Empirical analysis is the main method in order to put forward practical countermeasures and measures. The performance of the combination of industry and finance of Listed Companies in China is analyzed quantitatively in order to make the research on the problem scientific and correct. Statistical samples, using Logit regression analysis of the motivation of the combination of industry and finance, through Wilcoxon rank test on the performance of Listed Companies in China's hypothesis test, and through the P/E ratio, earnings per share two financial indicators to build two linear regression model of the relationship between the degree of integration of industry and finance and corporate performance regression analysis. By analyzing the performance of the integration of industry and finance, we draw policy recommendations.
The study of this paper has important theoretical and practical significance for the listed companies to develop the combination of industry and finance to improve the performance of enterprises and enhance the competitiveness of the market. It has some reference for other enterprises that want to develop integration of industry and finance in China.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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