【摘要】：改革開放以來，隨著我國產(chǎn)業(yè)發(fā)展的不斷壯大成熟，金融領(lǐng)域開放，產(chǎn)業(yè)資本對(duì)金融機(jī)構(gòu)的控制趨勢增強(qiáng)。在日趨嚴(yán)峻的競爭環(huán)境中，產(chǎn)融結(jié)合已經(jīng)是產(chǎn)業(yè)資本和金融資本結(jié)合的必然結(jié)果。 理論界對(duì)產(chǎn)融結(jié)合戰(zhàn)略的有效性的認(rèn)識(shí)存在分歧。郎咸平認(rèn)為世界產(chǎn)融結(jié)合的典范——通用電氣(GE)不過是韋爾奇制造的一大堆金融泡沫。而對(duì)產(chǎn)融結(jié)合情有獨(dú)鐘的張瑞敏就指出:“不管怎么樣，我們還是要把產(chǎn)業(yè)與金融的互動(dòng)關(guān)系建立起來，最終目標(biāo)是產(chǎn)業(yè)占一半，金融占一半。”從宏觀層面上看，基于提升國家競爭力考量，可以嘗試通過產(chǎn)業(yè)、金融資本融合的形式來突破傳統(tǒng)的企業(yè)、金融經(jīng)營模式，從而提高我國企業(yè)競爭力和知名度。從微觀上分析，企業(yè)規(guī)模的擴(kuò)大主要來自于資本的擴(kuò)大，而金融資本的注入無疑可以使公司更大范圍的控制市場和解決自身內(nèi)部資金流動(dòng)。 筆者對(duì)產(chǎn)融結(jié)合的效應(yīng)從金融結(jié)構(gòu)優(yōu)化和產(chǎn)業(yè)升級(jí)兩個(gè)方面入手，在自向量回歸模型（VAR）的框架下，通過VEC基礎(chǔ)上的Granger檢驗(yàn)和Johansen、EG協(xié)整分析建立長期均衡關(guān)系，以及基于VAR的新息分析法，考察1993—2010年產(chǎn)融結(jié)合與產(chǎn)業(yè)升級(jí)和金融結(jié)構(gòu)的動(dòng)態(tài)關(guān)系。產(chǎn)業(yè)升級(jí)采用產(chǎn)業(yè)優(yōu)化率(YHV)來表示，即第二、三產(chǎn)業(yè)的增加值與當(dāng)年GDP的比值表示，得出1993—2010年該區(qū)的產(chǎn)業(yè)呈現(xiàn)“二三一”的格局，第二產(chǎn)業(yè)占主要優(yōu)勢，并且第三產(chǎn)業(yè)有逐漸發(fā)展超越的勢頭，沿著“三二一”的模式發(fā)展。金融結(jié)構(gòu)指標(biāo)分為三個(gè)方面，即金融機(jī)構(gòu)結(jié)構(gòu)優(yōu)化（FSS）、金融市場結(jié)構(gòu)優(yōu)化(FMS)、金融資產(chǎn)結(jié)構(gòu)優(yōu)化(FAS)，得出目前的金融結(jié)構(gòu)雖然有優(yōu)化的趨勢，但是整個(gè)發(fā)展有波動(dòng)性，政府干預(yù)較嚴(yán)重。本文最后得出的結(jié)論是：目前產(chǎn)融結(jié)合還處于初級(jí)階段，與產(chǎn)業(yè)升級(jí)之間在短期不存在因果關(guān)系，產(chǎn)融結(jié)合的擴(kuò)大對(duì)產(chǎn)業(yè)升級(jí)沒有促進(jìn)作用。在長期兩者有均衡關(guān)系，但影響系數(shù)微弱，關(guān)系不明顯。產(chǎn)融結(jié)合與金融結(jié)構(gòu)之間存在明顯的雙向因果關(guān)系，，并且產(chǎn)融結(jié)合的擴(kuò)大對(duì)金融結(jié)構(gòu)優(yōu)化有明顯的促進(jìn)作用。長期之間也存在均衡關(guān)系。
[Abstract]:Since the reform and opening up, with the growing and mature of China's industrial development, the financial sector is open, and the trend of industrial capital to control financial institutions is enhanced. In the increasingly severe competitive environment, the combination of production and finance has been the inevitable result of the combination of industrial capital and financial capital.
There are differences in the theorists' understanding of the effectiveness of the integration strategy. Lang Xianping believes that GE is just a huge financial bubble made by Welch, and Zhang Ruimin, who has a unique combination of financial and financial integration, says, "in any case, we have to build an interactive relationship between industry and Finance. On the macro level, we can try to break through the traditional enterprises and financial management mode through the industry and financial capital integration, thus improving the competitiveness and popularity of our enterprises. From the micro analysis, the expansion of the scale of the enterprise. Mainly from the expansion of capital, and the injection of financial capital will undoubtedly enable companies to control the market and solve their own internal capital flows.
On the basis of the two aspects of financial structure optimization and industrial upgrading, the effects of financial structure integration and industrial upgrading are carried out. Under the framework of the self vector regression model (VAR), the long-term equilibrium relationship is established by Granger test on the basis of VEC and Johansen, EG cointegration analysis, and the new interest analysis method based on VAR to investigate the industrial and financial integration and industrial upgrading and gold in the period of 1993 to 2010. The industrial upgrading adopts the industrial optimization rate (YHV) to indicate that the ratio of the added value of the second, third industry and the ratio of the year GDP indicates that the industry of the area has a "231" pattern in the region from 1993 to 2010, the second industry occupies the main advantage, and the third industry has the momentum of gradual development and transcendence, along the "321". The financial structure index is divided into three aspects, namely, the optimization of financial institution structure (FSS), the optimization of financial market structure (FMS) and the optimization of financial assets structure (FAS). It is concluded that the current financial structure has an optimized trend, but the whole development is fluctuant and the government intervention is serious. The conclusion of this article is: current integration and integration It is still in the primary stage, and there is no causal relationship with industrial upgrading in the short term. The expansion of the integration of production and finance has no effect on industrial upgrading. In the long run, there is a balanced relationship between the two, but the influence coefficient is weak and the relationship is not obvious. There is a clear two-way causal relationship between the combination of production and finance and the financial structure. The optimization of financial structure plays a significant role in promoting long-term equilibrium.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832;F121.3

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 黃文軍;;我國傳統(tǒng)產(chǎn)業(yè)的地區(qū)轉(zhuǎn)移策略[J];北方經(jīng)濟(jì);2006年23期

2 吳永鋒;張勇;杜子平;;我國產(chǎn)融結(jié)合研究——德隆實(shí)證分析[J];北方經(jīng)濟(jì);2007年06期

3 石建勛;周浩;;內(nèi)地股市與香港股市聯(lián)動(dòng)原因的實(shí)證分析[J];國際經(jīng)貿(mào)探索;2010年11期

4 唐恩思;;我國股權(quán)分置改革分析[J];經(jīng)營管理者;2009年22期

5 譚艷芝,彭文平;金融發(fā)展與經(jīng)濟(jì)增長的因素分析[J];上海經(jīng)濟(jì)研究;2003年10期

6 孔令丞;全球化背景下產(chǎn)業(yè)開放的結(jié)構(gòu)升級(jí)效應(yīng)[J];江漢論壇;2005年02期

7 黃繼忠;;對(duì)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化理論中一個(gè)新命題的論證[J];經(jīng)濟(jì)管理;2002年04期

8 董亞;黃劍;;滬深300指數(shù)與重點(diǎn)行業(yè)的聯(lián)動(dòng)性研究[J];經(jīng)濟(jì)論壇;2008年17期

9 鄭文平,茍文均;中國產(chǎn)融結(jié)合機(jī)制研究[J];經(jīng)濟(jì)研究;2000年03期

10 李黎旭;我國財(cái)務(wù)公司的發(fā)展定位:專業(yè)化產(chǎn)業(yè)金融機(jī)構(gòu)[J];金融教學(xué)與研究;2003年03期

相關(guān)博士學(xué)位論文 前2條

1 王之君;企業(yè)集團(tuán)產(chǎn)融結(jié)合及風(fēng)險(xiǎn)防范研究[D];天津大學(xué);2010年

2 陳尊厚;中國金融發(fā)展對(duì)經(jīng)濟(jì)增長影響的統(tǒng)計(jì)研究[D];天津財(cái)經(jīng)大學(xué);2008年

本文編號(hào)：2138291