【摘要】：產(chǎn)融資本的結(jié)合是市場(chǎng)經(jīng)濟(jì)進(jìn)步成長(zhǎng)到一定水平的必然產(chǎn)物,也是提升企業(yè)核心競(jìng)爭(zhēng)力的重要戰(zhàn)略選擇,我國(guó)產(chǎn)融結(jié)合雖然起步較晚,尚處于初級(jí)發(fā)展的階段,但伴隨著國(guó)內(nèi)不斷成長(zhǎng)壯大的實(shí)體產(chǎn)業(yè)和飛速擴(kuò)張的金融市場(chǎng)的結(jié)合,國(guó)內(nèi)產(chǎn)融結(jié)合的發(fā)展自2006年開始進(jìn)入大規(guī)模擴(kuò)張階段,許多實(shí)體工商企業(yè)逐漸開始涉足資本市場(chǎng),以期望能夠通過(guò)與金融資本的結(jié)合而尋找到一條適合企業(yè)長(zhǎng)久發(fā)展的新盈利模式。一方面國(guó)內(nèi)各大銀行開始大力發(fā)展自身業(yè)務(wù),許多股份制銀行逐漸建立。另一方面,實(shí)體產(chǎn)業(yè)實(shí)施產(chǎn)融結(jié)合的動(dòng)機(jī)逐漸趨于多元化發(fā)展,脫離了“一邊倒”的特征。在大環(huán)境的帶動(dòng)下,產(chǎn)融結(jié)合的行業(yè)差異就逐漸顯現(xiàn)出來(lái),那么到底什么類型的行業(yè)或企業(yè)更傾向于實(shí)施產(chǎn)融結(jié)合呢?不同特征下的企業(yè)選擇產(chǎn)融結(jié)合產(chǎn)生的效果又存在怎么樣的差別呢?產(chǎn)融結(jié)合這一發(fā)展途徑和結(jié)合后程度的深淺又分別會(huì)對(duì)企業(yè)績(jī)效產(chǎn)生怎么樣的影響呢?本文以我國(guó)非金融類上市公司對(duì)金融機(jī)構(gòu)的持股情況作為主要視角,并將企業(yè)是否長(zhǎng)期對(duì)金融機(jī)構(gòu)持股作為企業(yè)產(chǎn)融結(jié)合的依據(jù),著重關(guān)注產(chǎn)融結(jié)合的行業(yè)差異以及對(duì)企業(yè)自身績(jī)效的影響。本文運(yùn)用定性和定量的方式,將實(shí)施產(chǎn)融結(jié)合的理論依據(jù)作為鋪墊,從理論上對(duì)產(chǎn)融結(jié)合的產(chǎn)生動(dòng)因及行業(yè)差異性機(jī)理進(jìn)行闡述,并結(jié)合我國(guó)產(chǎn)融結(jié)合的發(fā)展歷程及現(xiàn)狀特點(diǎn),以2009-2015年作為樣本區(qū)間,篩選出358家非金融類上市公司作為研究對(duì)象并對(duì)其特點(diǎn)和差異進(jìn)行分析。在此基礎(chǔ)上,一方面,本文將企業(yè)進(jìn)入產(chǎn)融結(jié)合作為研究切入點(diǎn),將企業(yè)是否屬于資本密集型行業(yè)作為解釋變量,引入總資產(chǎn)(對(duì)數(shù)值)、資產(chǎn)負(fù)債率等6個(gè)控制變量,通過(guò)Pearson檢驗(yàn)、Logistic多元回歸模型等來(lái)檢驗(yàn)產(chǎn)融結(jié)合與行業(yè)差異傾向的影響,并通過(guò)Kruskal-WallisH檢驗(yàn)來(lái)驗(yàn)證不同要素集約型行業(yè)間是否存在差異性;另一方面,本文從盈利能力、償債能力、收益質(zhì)量及資本結(jié)構(gòu)四個(gè)方面,選取了資產(chǎn)負(fù)債率、凈資產(chǎn)收益率等9個(gè)績(jī)效指標(biāo),首先通過(guò)KMO和Bartlett球形檢驗(yàn)建立指標(biāo)體系,運(yùn)用因子分析篩選出主因子并計(jì)算企業(yè)的年度綜合績(jī)效指標(biāo),并通過(guò)配對(duì)樣本t檢驗(yàn)來(lái)探索產(chǎn)融結(jié)合實(shí)施之后對(duì)企業(yè)整體績(jī)效的影響。其次將產(chǎn)融結(jié)合程度作為解釋變量,引入公司規(guī)模和杠桿系數(shù)作為控制變量,運(yùn)用多元回歸模型檢驗(yàn)產(chǎn)融結(jié)合程度對(duì)企業(yè)績(jī)效的影響。最后以要素集約型行業(yè)作為虛擬變量,運(yùn)用面板數(shù)據(jù)的多元回歸模型探索行業(yè)差異對(duì)企業(yè)產(chǎn)融結(jié)合績(jī)效的影響。本文總結(jié)了相關(guān)理論和實(shí)證研究結(jié)果,得出以下主要結(jié)論:第一,Logistic多元回歸中解釋變量(是否為資本密集型行業(yè))系數(shù)為0.76410且結(jié)果顯著,表明資本密集型行業(yè)更傾向于實(shí)施產(chǎn)融結(jié)合。第二,在行業(yè)差異對(duì)企業(yè)績(jī)效影響的回歸結(jié)果中,虛擬變量1(是否為資本密集型行業(yè))的系數(shù)為0.04950且結(jié)果顯著,虛擬變量2(是否為資源密集型行業(yè))的系數(shù)為-0.0549但結(jié)果不是十分顯著,表明資本密集型行業(yè)較之勞動(dòng)密集型行業(yè)和資源密集型行業(yè)的產(chǎn)融結(jié)合績(jī)效最好。第三,在配對(duì)樣本t檢驗(yàn)中,僅有2009-2010年的結(jié)果顯著,其余均未通過(guò)t檢驗(yàn),這就表明從整體來(lái)看,現(xiàn)階段企業(yè)進(jìn)行產(chǎn)融結(jié)合對(duì)企業(yè)績(jī)效的影響并不顯著。但以產(chǎn)融結(jié)合程度作為解釋變量的回歸模型中,其系數(shù)為0.00590且顯著,表明產(chǎn)融結(jié)合程度與企業(yè)績(jī)效呈正相關(guān)關(guān)系,也就是說(shuō),產(chǎn)融結(jié)合程度越高,企業(yè)越有可能是從長(zhǎng)期戰(zhàn)略目標(biāo)發(fā)展的角度實(shí)施產(chǎn)融結(jié)合,因此能夠整合優(yōu)勢(shì)資源來(lái)提高企業(yè)績(jī)效。最后,希望通過(guò)本文的研究,可以幫助政府、企業(yè)更加客觀、理性并全方位的評(píng)價(jià)產(chǎn)融結(jié)合,為政府制定相關(guān)政策提供更多的參考依據(jù),并且能夠有助于企業(yè)客觀分析產(chǎn)融結(jié)合,確立長(zhǎng)期戰(zhàn)略發(fā)展目標(biāo),從而推動(dòng)我國(guó)實(shí)體工商企業(yè)產(chǎn)融結(jié)合向著更好更快的方向發(fā)展。
[Abstract]:The combination of production and financing costs is the inevitable outcome of the progress of market economy to a certain level and an important strategic choice to enhance the core competitiveness of enterprises. Since 2006, the development of the combination of industry and finance has entered a stage of large-scale expansion. Many real industrial and commercial enterprises have gradually begun to step into the capital market in order to find a new profit model suitable for the long-term development of enterprises through the combination with financial capital. On the other hand, the motive of implementing the combination of industry and finance in the real industry is gradually diversifying away from the "one-sided" feature. Under the driving of the environment, the industry differences of the combination of industry and finance gradually appear. So what kind of industries or enterprises are more inclined to implement the combination of industry and finance under different characteristics? What are the differences between the effects of the combination of industry and finance? How will the combination of industry and finance affect the performance of enterprises? This paper takes the shareholding of non-financial listed companies in financial institutions as the main perspective, and whether the enterprises are long-term or not. As the basis of the combination of industry and finance, the shareholding of financial institutions pays more attention to the industry difference of the combination of industry and finance and its influence on the performance of enterprises. Combining with the development course and current situation of the combination of industry and finance in China, this paper selects 358 non-financial listed companies from 2009 to 2015 as the sample interval and analyzes their characteristics and differences. Six control variables, including total assets (logarithmic value), asset-liability ratio and so on, are introduced to examine the impact of the combination of industry and finance and industry differentiation tendency by Pearson test and Logistic multiple regression model, and Kruskal-WallisH test is used to verify whether there are differences among different intensive industries. From four aspects of profitability, solvency, earnings quality and capital structure, this paper selects nine performance indicators, such as asset-liability ratio, return on net assets and so on. Firstly, it establishes an index system by KMO and Bartlett spherical test, uses factor analysis to screen out the main factors and calculates the annual comprehensive performance indicators of enterprises, and through paired sample t test. Secondly, we take the degree of integration of industry and finance as the explanatory variable, introduce the company size and leverage coefficient as the control variable, and use multiple regression model to test the impact of the degree of integration of industry and Finance on enterprise performance. This paper summarizes the relevant theories and empirical results and draws the following main conclusions: First, the coefficient of explanatory variable (whether capital-intensive industry) in Logistic multiple regression is 0.76410 and the results are significant, indicating that capital-intensive industry is more inclined to the capital-intensive industry. Second, in the regression results of the impact of industry differences on enterprise performance, the coefficient of fictitious variable 1 (whether capital-intensive industries) is 0.04950 and the result is significant. The coefficient of fictitious variable 2 (whether resource-intensive industries) is - 0.0549 but the result is not very significant, indicating that capital-intensive industries are more labor-intensive than other industries. Thirdly, in the matched sample t test, only the results of 2009-2010 were significant, and the rest did not pass the t test, which shows that the impact of the combination of industry and Finance on enterprise performance is not significant at this stage. In the regression model, the coefficient is 0.00590 and significant, indicating that the degree of integration of industry and finance is positively related to enterprise performance. In other words, the higher the degree of integration of industry and finance, the more likely the enterprise is to implement the integration of industry and finance from the perspective of long-term strategic objectives, so it can integrate superior resources to improve enterprise performance. The research can help the government and enterprises to evaluate the combination of industry and finance more objectively, rationally and omni-directionally, provide more references for the government to formulate relevant policies, and help enterprises to analyze the combination of industry and finance objectively, establish long-term strategic development goals, so as to promote the integration of industry and finance of China's entity industrial and commercial enterprises to a better and faster direction. Development.
【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F275;F832.51

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