本文關(guān)鍵詞：中國民營企業(yè)產(chǎn)融結(jié)合績效分析　出處：《遼寧大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：產(chǎn)業(yè)資本與金融資本的結(jié)合是市場經(jīng)濟(jì)發(fā)展到一定階段的必然產(chǎn)物，它是產(chǎn)業(yè)資本與金融資本在一個(gè)企業(yè)內(nèi)部的有機(jī)融合，是基于公司控制市場的戰(zhàn)略構(gòu)想，可以降低企業(yè)的融資成本，強(qiáng)化企業(yè)內(nèi)部資金的集約化管理，此外，產(chǎn)融結(jié)合有利于企業(yè)形成規(guī)模經(jīng)濟(jì)，獲得國際競爭優(yōu)勢，從而有效地增強(qiáng)企業(yè)的核心競爭力。產(chǎn)融結(jié)合指的是產(chǎn)融資本的一體化，即產(chǎn)業(yè)資本和金融資本這兩類資本互相投資、參股、控股，并在此基礎(chǔ)上，實(shí)現(xiàn)業(yè)務(wù)的結(jié)合和人事的結(jié)合。需要注意的是產(chǎn)融結(jié)合是一個(gè)動(dòng)態(tài)概念，描述的是一個(gè)產(chǎn)業(yè)資本與經(jīng)濟(jì)資本相互融合的經(jīng)濟(jì)過程。 當(dāng)今世界500強(qiáng)中有80%以上都進(jìn)行了有效地產(chǎn)融結(jié)合。產(chǎn)融結(jié)合的實(shí)踐表明產(chǎn)融結(jié)合是一把雙刃劍，其對(duì)經(jīng)濟(jì)績效的影響是雙向的，既有協(xié)同效應(yīng)，也有負(fù)面效應(yīng)。它既可能提高企業(yè)競爭力，造就一批如海爾、光大、中信、魯能等成功的大企業(yè)，也可能給企業(yè)帶來一定的風(fēng)險(xiǎn)，德隆系的崩潰，大宇的倒閉，現(xiàn)代的拆分，則充分證明了這一點(diǎn)。如何在理論及政策上促進(jìn)企業(yè)改革和金融改革的協(xié)調(diào)進(jìn)展，尋求產(chǎn)業(yè)資本與金融資本有效結(jié)合的新模式，打造具有國際競爭力的大公司、大集團(tuán)，已成為我國企業(yè)面臨的重大課題。在我國當(dāng)前金融改革與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的雙重壓力下，探討產(chǎn)業(yè)資本與金融資本有效結(jié)合對(duì)于促進(jìn)我國金融改革，推進(jìn)產(chǎn)業(yè)發(fā)展都具有重要的現(xiàn)實(shí)意義。 首先，本文對(duì)產(chǎn)融結(jié)合的概念進(jìn)行了界定，分析了產(chǎn)融結(jié)合的動(dòng)因，對(duì)國內(nèi)外相關(guān)研究狀況進(jìn)行了概述。同時(shí)指出了我國現(xiàn)階段產(chǎn)融結(jié)合的特點(diǎn)及存在的問題，并從“由產(chǎn)到融”及“由融到產(chǎn)”兩種路徑分析了產(chǎn)融結(jié)合的各種模式及其利弊，希望探尋到適合我國國情的產(chǎn)融結(jié)合模式。 其次，本文以深、滬兩市進(jìn)行了產(chǎn)融結(jié)合的民營上市公司為樣本，采用6個(gè)指標(biāo)綜合衡量企業(yè)的績效，收集2004年至2010年6個(gè)指標(biāo)的具體數(shù)值，通過因子分析計(jì)算出公司的綜合績效。在對(duì)企業(yè)產(chǎn)融結(jié)合程度與企業(yè)績效的相關(guān)性分析中，將2005年產(chǎn)融結(jié)合程度的指標(biāo)作為自變量，將2004年至2010年7年的綜合績效平均指標(biāo)作為因變量，將企業(yè)規(guī)模、杠桿系數(shù)作為控制變量，用多元回歸分析法檢驗(yàn)了產(chǎn)融結(jié)合程度對(duì)公司績效的影響，得出結(jié)論：我國民營企業(yè)產(chǎn)融結(jié)合程度與績效的關(guān)系并不明顯，即產(chǎn)融結(jié)合對(duì)企業(yè)的發(fā)展效果并不明顯，并指出這主要是由我國現(xiàn)階段產(chǎn)融結(jié)合程度還比較低造成的。 最后，，在得出上述結(jié)論的基礎(chǔ)上，本文進(jìn)行了實(shí)務(wù)性探討，提出了進(jìn)一步促進(jìn)我國產(chǎn)融結(jié)合發(fā)展的對(duì)策，希望對(duì)今后的研究與實(shí)踐提供一些參考。
[Abstract]:Combination of industrial capital and financial capital is the inevitable outcome of the development of market economy, it is the organic integration of industrial capital and financial capital in an enterprise, is the control strategy of company based on the market, can reduce financing costs, intensive management, strengthen the enterprise internal funds in addition, combined with the help the enterprise scale economy of industry and finance, international competitive advantage, so as to effectively enhance the core competitiveness of enterprises. The combination refers to the integration of financial capital, the industrial capital and financial capital of these two types of capital mutual investment, equity participation, holding, and on this basis, realize the combination and combination of personnel services. Note that the combination is a dynamic concept description is an economic process of industrial capital and economic capital integration.
The world's top 500 in more than 80% of the effective real estate withharmony. The combination of the practice shows that the combination is a double-edged sword, its impact on economic performance is two-way, both have a synergistic effect, also have a negative effect. It can improve the competitiveness of enterprises, create a number such as Haier. Everbright, CITIC, Luneng and other successful businesses, may also bring risks to the enterprise, Delong collapse, Daewoo's collapse, the modern split, it is fully proved this point. How to promote the coordinated development of enterprise reform and financial reform in theory and policy, to seek a new mode of combination of industrial capital with financial capital, to build a large company, with the international competitiveness of large group, has become a major issue facing enterprises in China. In the current financial reform and the dual pressures of upgrading the industrial structure of our country, explore the industrial capital and financial capital Effective combination is of great practical significance for promoting China's financial reform and promoting industrial development.
First of all, based on the combination of the concept, analysis of the combination of the motivation, the status of domestic and foreign research are summarized. Also pointed out that in China at the present stage of the combination of the characteristics and problems, and from the "made to melt" and "into" two a path analysis of the various models of the combination of advantages and disadvantages, hoping to find a suitable for China's national conditions of the combination mode.
Secondly, based on the deep, Shanghai two, the combination of private listed companies as samples, using 6 indicators to measure the performance of enterprises, the specific value from 2004 to 2010 6 indicators, through factor analysis to calculate the comprehensive performance of the company. In the enterprise industry and finance combination degree and enterprise performance the correlation analysis, 2005 annual integration degree index as independent variables, the comprehensive performance of 2004 to 2010 of 7 years average index as the dependent variable, the firm size, leverage as control variables, tests the impact, the combination degree on the performance of the company concluded by the multivariate regression analysis method: the relation of China's private enterprise integration degree and performance is not obvious, which is the combination of development effect of enterprises is not obvious, and pointed out that this is mainly by the combination of the present stage of our country is comparatively low.
Finally, on the basis of the above conclusions, this paper conducts a practical discussion, and puts forward some countermeasures to further promote the development of our domestic integration, hoping to provide some references for future research and practice.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F276.5;F832.4

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