我国非金融类上市民营企业产融结合有效性研究

发布时间：2018-01-08 17:07

本文关键词：我国非金融类上市民营企业产融结合有效性研究　出处：《青岛大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业在发展过程中,为了更好地满足自身对金融资源的需求,一直以来都在积极探索如何利用金融资源来服务于自己。我国政府也十分重视产业与金融业的协调发展,如在2015年10月16日,国务院总理李克强主持召开了金融企业的座谈会,在会上强调“继续推进金融改革,有效服务实体经济”,而产融结合作为一种新型的商业发展模式,正是金融业服务于实体经济的一种体现。本文主要以我国非金融类的上市民营企业为研究对象,基于产融结合的其中一个视角“由产到融”进行研究。对国内外关于产融结合概念、动因以及效应三个层面的文献进行了综述与评价,分析了当前研究过程中存在的问题与不足,明确了本文研究的内容与创新之处。在产融结合理论基础的部分,首先从资产、组织与产业这三个不同的角度去分析“产”和“融”的具体内涵,分别分析了两者的三个具体形态,在此基础上对产融结合的概念进行了总结与定义。其次,在界定了产融结合概念的基础上,进一步探索了由“产”到“融”的路径,具体来说,我国目前产融结合的路径主要有两种:参股或控股金融机构、组建财务公司。另外,在借鉴企业内部化理论、规模效益理论等理论的基础上,对产融结合的有效性进行了归纳分析,可以发现,产融结合在减少交易成本、发挥协同效应以及获得投资收益等方面具有一定的作用。最后,对产融结合两个维度产生的影响作出了理论分析,总体来说,产融结合的过度与不足都会企业的实践效果产生不利的影响。同时,本文在前面理论分析的基础上对产融结合进行了实证检验,选取进行产融结合民营企业的样本数据,以有效性的其中一个视角—企业绩效为角度展开研究。首先,运用配对t检验方法对产融结合对企业绩效的影响进行了分析,结果发现,产融结合并没有显著提高样本企业的企业绩效,因此,本文对产融结合的两个维度即深度与广度作出了进一步的分析。其次,在运用回归分析对产融结合深度与企业绩效的关系进行分析时发现,产融结合深度与企业绩效存在正相关关系。再次,在统计性分析时,发现我国民营企业产融结合深度与广度存在不足的现象。同时,对产融结合前后样本企业股价的变化进行了配对t检验分析,以观察投资者对于产融结合企业的投资意愿。最后,本文分别从宏观与微观两个层面提出提高我国产融结合有效性的对策,并指出论文研究的局限性,对未来产融结合方面的研究方向作出展望。
[Abstract]:Enterprises in the process of development, in order to better meet their own needs for financial resources. All along, we have been actively exploring how to use financial resources to serve ourselves. Our government also attaches great importance to the coordinated development of industry and financial industry, such as in October 16th 2015. Premier Li Keqiang of the State Council presided over a forum on financial enterprises, at which he stressed that "continue to promote financial reform and effectively serve the real economy," and that the combination of production and finance is a new business development model. It is a reflection that the financial industry serves the real economy. This paper mainly takes the non-financial listed private enterprises as the research object. Based on one of the perspectives of the combination of production and finance, "from production to finance", this paper reviews and evaluates the literature on the concept, motivation and effect of the combination of production and finance at home and abroad. This paper analyzes the existing problems and shortcomings in the current research process, and clarifies the contents and innovations of this paper. In the part of the theoretical basis of the combination of production and finance, the first part is from the asset. Organization and industry from these three different angles to analyze the specific connotation of "production" and "melt", respectively analysis of the three specific forms of the two, on the basis of the concept of the combination of industry and finance are summarized and defined. Secondly. On the basis of defining the concept of the combination of industry and finance, this paper further explores the path from "production" to "financial integration". Specifically, there are two main ways of combination of industry and finance in our country: equity participation or holding financial institutions. In addition, on the basis of the theory of enterprise internalization and the theory of economies of scale, the effectiveness of the combination of industry and finance is summarized and analyzed. It can be found that the combination of industry and finance can reduce transaction costs. Play a certain role in synergy and income from investment. Finally, the paper makes a theoretical analysis of the impact of the two dimensions of the combination of production and finance, generally speaking. The excessive and insufficient combination of production and finance will have a negative impact on the practical effect of enterprises. At the same time, this paper makes an empirical test on the combination of production and finance on the basis of the previous theoretical analysis. Select the sample data of the combination of industry and finance, and study from one of the perspectives of effectiveness-enterprise performance. First of all. The effect of the combination of production and finance on enterprise performance is analyzed by using the paired t test. The results show that the combination of production and finance has not significantly improved the enterprise performance of the sample enterprises. This paper makes a further analysis of the two dimensions of the combination of industry and finance, that is, depth and breadth. Secondly, the relationship between the depth of the combination of production and finance and the performance of enterprises is analyzed by using regression analysis. Third, in the statistical analysis, we find that there is a shortage in the depth and breadth of the combination of production and finance in private enterprises in China. At the same time. The change of stock price of sample enterprises before and after the combination of production and finance is analyzed by paired t test to observe the investors' investment intention for the combination of industry and finance. Finally. In this paper, the author puts forward the countermeasures to improve the efficiency of China's domestic financial combination from the macro and micro aspects, and points out the limitations of the research in this paper, and looks forward to the future research direction of the combination of production and finance.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】