产融结合对企业价值影响的案例分析

发布时间：2019-06-02 11:53

【摘要】：在企业长远的发展过程中,以产业为主体的企业集团在不断地发展壮大,但随着竞争加剧,企业为进一步扩大生产经营能力、增强竞争力、解决资金问题,而以投资金融机构或设立财务公司这种非银行金融机构等方式参与金融行业,希望将其内部化从而发挥类似金融机构的作用。在这个过程中,有的企业在金融资本和产业资本的协同作用下,获取高额报酬,增加企业价值；有的则忽视了潜在的风险,从而导致了资金链断裂,并最终导致整个企业集团的破产。因此,产融结合给企业带来的影响是可能是积极的,同时也可能有负面影响。所以在这个过程中,做好实施产融结合过程中的监控过程,是十分必要的；在此基础上,再追求产业资本与金融资本的协同,尽一切可能减少产融结合的消极影响,只有这样才能为企业的发展注入新的动力,而不能仅仅追求短期的利润增长。本文通过前期的资料搜集发现,企业在实施产融结合的战略时,因为选择的方式不同,最终影响企业价值的路径也不尽相同。企业的产融结合是如何实现对企业价值的增加,不同的类型具体的方式路径有何不同,最终对企业价值产生何种影响,如何实施有效地防范风险,这些是本文讨论的目标。本文在总结国内、外相关的研究结论基础之上,结合搜集的相关资料,首先对产融结合、企业价值的定义及相关概念进行阐述；其次对目前产融结合的研究和发展现状、目前在研究中存在的问题进行分析阐述；然后对本文中的两个主要概念关系进行解释,主要是产融结合理论分析以及产融结对企业价值影响的路径和机理分析；结合理论分析文章选取两个采取不同产融结合方式的案例,分别论证对企业价值的影响；主要是通过产融结合前后相关财务数据的变化来判断。最后,选取雅戈尔和上海汽车集团股份有限公司两个案例进行比较分析,总结出产融结合对企业价值的影响是通过不同的路径完成的,而不管采取何种路径模式,都应该以企业的产业实体为依托,不能过于为了追求金融领域的高额利润或者业务全面化而盲目进入金融业,谨慎防范风险,避免造成损失甚至更大的危害。本文的可能贡献,一是对不同的产融结合模式进行比较分析,总结影响企业价值的路径,丰富文章内容。二是以案例研究为主要方式,从财务管理的角度进行分析,总结产融结合对企业价值的影响。本文在对案例进行分析时,所有数据均来自经审计披露的企业年报,并从财务管理的视角出发,与企业价值相联系,衡量产融结合的有效性。本文不足之处在于,产融结合问题的覆盖面极广,涉及层面也很多,内容相对复杂,本文在研究中对企业价值的衡量仅仅是针对财务指标所表现的特征,由于数据原因和本人研究能力的局限性,对非财务指标没有过多的关注,希望在以后的研究中能够弥补这个遗憾。
[Abstract]:In the process of long-term development of enterprises, enterprise groups with industry as the main body are constantly developing and growing, but with the intensification of competition, enterprises in order to further expand their production and management capacity, enhance their competitiveness and solve the problem of funds. By investing in financial institutions or setting up financial companies, non-bank financial institutions participate in the financial industry, hoping to internalize them so as to play a similar role as financial institutions. In this process, some enterprises get high returns and increase the value of enterprises under the synergy of financial capital and industrial capital. Others ignore the potential risks, which lead to the break of the capital chain, and ultimately lead to the bankruptcy of the entire enterprise group. Therefore, the impact of the combination of industry and finance on enterprises may be positive, but also may have a negative impact. Therefore, in this process, it is very necessary to do a good job in the implementation of the monitoring process in the process of combination of industry and finance; On this basis, we should pursue the coordination of industrial capital and financial capital, and do everything possible to reduce the negative impact of the combination of industry and finance. Only in this way can we inject new impetus into the development of enterprises, and not just pursue short-term profit growth. Through the previous data collection, it is found that when enterprises implement the strategy of combination of industry and finance, because of the different ways of choice, the path that ultimately affects the value of enterprises is not the same. How to increase the value of enterprises, how the specific ways and paths of different types are different, how to affect the value of enterprises, and how to effectively guard against risks are the objectives discussed in this paper, which is how to increase the value of enterprises, how to combine the combination of industry and finance to increase the value of enterprises, what is the difference of different types of specific ways and paths, and how to effectively prevent risks. On the basis of summing up the relevant research conclusions at home and abroad, combined with the relevant data collected, this paper first expounds the combination of industry and finance, the definition of enterprise value and related concepts. Secondly, it analyzes and expounds the current research and development status of the combination of industry and finance, and the existing problems in the research. Then it explains the relationship between the two main concepts in this paper, mainly the theoretical analysis of the combination of industry and finance and the analysis of the path and mechanism of the impact of the combination of industry and finance on the value of enterprises. Combined with the theory, this paper selects two cases which adopt different combination of industry and finance to demonstrate the influence on the value of the enterprise, mainly through the change of the relevant financial data before and after the combination of industry and finance. Finally, Youngor and Shanghai Automobile Group Co., Ltd. are selected to make a comparative analysis, and the influence of the combination of production and finance on the value of the enterprise is concluded through different paths, no matter what path mode is adopted. We should rely on the industrial entities of enterprises, and should not blindly enter the financial industry in order to pursue the high profits or business in the financial field too much, guard against risks carefully, and avoid causing losses or even greater harm. The possible contribution of this paper is to compare and analyze different modes of combination of industry and finance, summarize the paths that affect the value of enterprises, and enrich the content of the article. The second is to take the case study as the main way, from the perspective of financial management to analyze, summarize the impact of the combination of industry and finance on the value of enterprises. In this paper, when the case is analyzed, all the data come from the audited annual report of the enterprise, and from the perspective of financial management, it is related to the value of the enterprise to measure the effectiveness of the combination of industry and finance. The deficiency of this paper is that the problem of combination of industry and finance has a wide range of coverage, involving a lot of levels, and the content is relatively complex. In this paper, the measurement of enterprise value is only aimed at the characteristics of financial indicators. Due to the data reasons and the limitations of my research ability, there is not too much attention to non-financial indicators. I hope to make up for this regret in the future research.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F121.3;F275

【参考文献】