本文選題：企業(yè)集團(tuán) + 產(chǎn)融結(jié)合��； 參考：《財(cái)政部財(cái)政科學(xué)研究所》2012年碩士論文

【摘要】：產(chǎn)融結(jié)合即工商企業(yè)等產(chǎn)業(yè)資本與銀行、證券、保險(xiǎn)等金融資本的互動(dòng)關(guān)系。產(chǎn)融結(jié)合在西方國家已經(jīng)走過了一百多年的歷史,大多數(shù)知名跨國公司采用產(chǎn)融結(jié)合發(fā)展模式取得了巨大成功。自1987年東風(fēng)汽車工業(yè)財(cái)務(wù)公司成立以來,產(chǎn)融結(jié)合在我國已經(jīng)走過了25年的發(fā)展歷程。近年來,伴隨著深化金融體制改革的不斷推進(jìn)與資本市場逐漸成熟壯大,我國企業(yè)集團(tuán)產(chǎn)融結(jié)合又一次掀起新的熱潮。根據(jù)波特理論,國家競爭優(yōu)勢源于企業(yè),企業(yè)是變革創(chuàng)新贏得競爭優(yōu)勢的主角。重新審視并系統(tǒng)研究我國企業(yè)集團(tuán)產(chǎn)融結(jié)合戰(zhàn)略對提升公司國際競爭力具有重大現(xiàn)實(shí)意義。 本文將產(chǎn)融結(jié)合研究視角定位于企業(yè)集團(tuán)微觀層面,將產(chǎn)融結(jié)合定義為產(chǎn)業(yè)部門與金融部門通過產(chǎn)權(quán)關(guān)系為基礎(chǔ),以經(jīng)濟(jì)利益為中心,實(shí)現(xiàn)企業(yè)產(chǎn)融互動(dòng)、有機(jī)結(jié)合、混合發(fā)展的一種經(jīng)濟(jì)機(jī)制。金融資本論、金融控制論等傳統(tǒng)產(chǎn)融結(jié)合理論闡述了壟斷資本主義形成時(shí)期產(chǎn)業(yè)資本與金融資本的結(jié)合機(jī)制與融合過程,但是其過度強(qiáng)調(diào)二者融合帶來的負(fù)效應(yīng)。交易費(fèi)用論、信息不對稱論、協(xié)同效應(yīng)論、多元化論與公司資源論較為合理的解釋了當(dāng)代企業(yè)集團(tuán)產(chǎn)融結(jié)合動(dòng)因。在產(chǎn)融結(jié)合實(shí)踐方面,美國GE公司是不爭的領(lǐng)導(dǎo)者,GE金融與GE集團(tuán)主業(yè)互為支撐、協(xié)同發(fā)展,為我國企業(yè)集團(tuán)提供了諸多經(jīng)驗(yàn)及啟示。我國企業(yè)集團(tuán)產(chǎn)融結(jié)合經(jīng)歷了起步期、治理期、曲折發(fā)展期三個(gè)階段后,迎來了蓬勃發(fā)展的熱潮。本文以中航工業(yè)集團(tuán)為例,全面解析其在產(chǎn)融結(jié)合方面的大膽探索,以期為我國大型企業(yè)集團(tuán)實(shí)施產(chǎn)融結(jié)合之路提供現(xiàn)實(shí)經(jīng)驗(yàn)。產(chǎn)融結(jié)合同時(shí)是把雙刃劍,企業(yè)集團(tuán)應(yīng)通過規(guī)范公司治理、市場交易原則、防火墻設(shè)置、信息披露機(jī)制等措施,防范系統(tǒng)性風(fēng)險(xiǎn)、產(chǎn)業(yè)整合風(fēng)險(xiǎn)、財(cái)務(wù)杠桿風(fēng)險(xiǎn)等產(chǎn)融結(jié)合問題。政府在規(guī)范與完善企業(yè)集團(tuán)產(chǎn)融結(jié)合行為方面,應(yīng)做好引導(dǎo)企業(yè)發(fā)展主業(yè)相關(guān)金融、加強(qiáng)行政監(jiān)管體系、推動(dòng)金融控股公司立法等工作。
[Abstract]:The combination of industry and finance is the interaction between industrial and commercial capital and banking, securities, insurance and other financial capital. The combination of production and finance has gone through more than one hundred years in western countries, and most famous multinational corporations have achieved great success in adopting the model of combination of production and finance. Since the establishment of Dongfeng Automobile Industry Finance Company in 1987, the combination of production and finance has gone through 25 years of development in China. In recent years, with the deepening of the reform of the financial system and the gradual maturity of the capital market, the combination of industry and finance of enterprise groups in China has set off a new upsurge. According to Porter's theory, the national competitive advantage originates from the enterprise, and the enterprise is the protagonist of the innovation to win the competitive advantage. It is of great practical significance to re-examine and systematically study the strategy of industrial and financial integration of enterprise groups in China to enhance the international competitiveness of the company. In this paper, the research angle of the combination of production and finance is positioned at the micro level of enterprise group, and the combination of production and finance is defined as the combination of industry and finance through the property right relationship, taking the economic benefit as the center, realizing the interaction of industry and finance, organically combining production and finance. An economic mechanism for mixed development. The traditional theory of combination of production and finance, such as the theory of financial capital and financial cybernetics, expounds the mechanism and process of combination of industrial capital and financial capital during the forming period of monopoly capitalism, but it overemphasizes the negative effect brought by the combination of the two. Transaction cost theory, information asymmetry theory, synergetic effect theory, diversification theory and corporate resource theory explain the combination of industry and finance in contemporary enterprise groups reasonably. In the practice of combination of industry and finance, GE Corporation of America is an indisputable leader. GE Finance and GE Group support each other and cooperate with each other, which provides a lot of experience and inspiration for Chinese enterprise groups. The combination of industry and finance of enterprise groups in our country has experienced three stages: starting period, governance period and zigzag development period, and ushered in a boom of vigorous development. This paper takes the China Aviation Industry Group as an example to analyze its bold exploration on the combination of industry and finance in order to provide practical experience for the implementation of the combination of industry and finance in large enterprise groups in China. The combination of production and finance is a double-edged sword at the same time. Enterprise groups should guard against systemic risks and industrial integration risks by standardizing corporate governance, market transaction principles, firewalls, information disclosure mechanisms, etc. Financial leverage risk and other issues of combination of production and finance. The government should guide enterprises to develop related finance, strengthen the administrative supervision system and promote the legislation of financial holding company in standardizing and perfecting the behavior of combining production and finance with enterprise groups.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F279.2;F832.3

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