發(fā)布時(shí)間：2018-01-08 17:07

  本文關(guān)鍵詞：我國非金融類上市民營企業(yè)產(chǎn)融結(jié)合有效性研究　出處：《青島大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 產(chǎn)融結(jié)合 民營企業(yè) 企業(yè)績效 有效性

【摘要】：企業(yè)在發(fā)展過程中,為了更好地滿足自身對金融資源的需求,一直以來都在積極探索如何利用金融資源來服務(wù)于自己。我國政府也十分重視產(chǎn)業(yè)與金融業(yè)的協(xié)調(diào)發(fā)展,如在2015年10月16日,國務(wù)院總理李克強(qiáng)主持召開了金融企業(yè)的座談會(huì),在會(huì)上強(qiáng)調(diào)“繼續(xù)推進(jìn)金融改革,有效服務(wù)實(shí)體經(jīng)濟(jì)”,而產(chǎn)融結(jié)合作為一種新型的商業(yè)發(fā)展模式,正是金融業(yè)服務(wù)于實(shí)體經(jīng)濟(jì)的一種體現(xiàn)。本文主要以我國非金融類的上市民營企業(yè)為研究對象,基于產(chǎn)融結(jié)合的其中一個(gè)視角“由產(chǎn)到融”進(jìn)行研究。對國內(nèi)外關(guān)于產(chǎn)融結(jié)合概念、動(dòng)因以及效應(yīng)三個(gè)層面的文獻(xiàn)進(jìn)行了綜述與評價(jià),分析了當(dāng)前研究過程中存在的問題與不足,明確了本文研究的內(nèi)容與創(chuàng)新之處。在產(chǎn)融結(jié)合理論基礎(chǔ)的部分,首先從資產(chǎn)、組織與產(chǎn)業(yè)這三個(gè)不同的角度去分析“產(chǎn)”和“融”的具體內(nèi)涵,分別分析了兩者的三個(gè)具體形態(tài),在此基礎(chǔ)上對產(chǎn)融結(jié)合的概念進(jìn)行了總結(jié)與定義。其次,在界定了產(chǎn)融結(jié)合概念的基礎(chǔ)上,進(jìn)一步探索了由“產(chǎn)”到“融”的路徑,具體來說,我國目前產(chǎn)融結(jié)合的路徑主要有兩種:參股或控股金融機(jī)構(gòu)、組建財(cái)務(wù)公司。另外,在借鑒企業(yè)內(nèi)部化理論、規(guī)模效益理論等理論的基礎(chǔ)上,對產(chǎn)融結(jié)合的有效性進(jìn)行了歸納分析,可以發(fā)現(xiàn),產(chǎn)融結(jié)合在減少交易成本、發(fā)揮協(xié)同效應(yīng)以及獲得投資收益等方面具有一定的作用。最后,對產(chǎn)融結(jié)合兩個(gè)維度產(chǎn)生的影響作出了理論分析,總體來說,產(chǎn)融結(jié)合的過度與不足都會(huì)企業(yè)的實(shí)踐效果產(chǎn)生不利的影響。同時(shí),本文在前面理論分析的基礎(chǔ)上對產(chǎn)融結(jié)合進(jìn)行了實(shí)證檢驗(yàn),選取進(jìn)行產(chǎn)融結(jié)合民營企業(yè)的樣本數(shù)據(jù),以有效性的其中一個(gè)視角—企業(yè)績效為角度展開研究。首先,運(yùn)用配對t檢驗(yàn)方法對產(chǎn)融結(jié)合對企業(yè)績效的影響進(jìn)行了分析,結(jié)果發(fā)現(xiàn),產(chǎn)融結(jié)合并沒有顯著提高樣本企業(yè)的企業(yè)績效,因此,本文對產(chǎn)融結(jié)合的兩個(gè)維度即深度與廣度作出了進(jìn)一步的分析。其次,在運(yùn)用回歸分析對產(chǎn)融結(jié)合深度與企業(yè)績效的關(guān)系進(jìn)行分析時(shí)發(fā)現(xiàn),產(chǎn)融結(jié)合深度與企業(yè)績效存在正相關(guān)關(guān)系。再次,在統(tǒng)計(jì)性分析時(shí),發(fā)現(xiàn)我國民營企業(yè)產(chǎn)融結(jié)合深度與廣度存在不足的現(xiàn)象。同時(shí),對產(chǎn)融結(jié)合前后樣本企業(yè)股價(jià)的變化進(jìn)行了配對t檢驗(yàn)分析,以觀察投資者對于產(chǎn)融結(jié)合企業(yè)的投資意愿。最后,本文分別從宏觀與微觀兩個(gè)層面提出提高我國產(chǎn)融結(jié)合有效性的對策,并指出論文研究的局限性,對未來產(chǎn)融結(jié)合方面的研究方向作出展望。
[Abstract]:Enterprises in the process of development, in order to better meet their own needs for financial resources. All along, we have been actively exploring how to use financial resources to serve ourselves. Our government also attaches great importance to the coordinated development of industry and financial industry, such as in October 16th 2015. Premier Li Keqiang of the State Council presided over a forum on financial enterprises, at which he stressed that "continue to promote financial reform and effectively serve the real economy," and that the combination of production and finance is a new business development model. It is a reflection that the financial industry serves the real economy. This paper mainly takes the non-financial listed private enterprises as the research object. Based on one of the perspectives of the combination of production and finance, "from production to finance", this paper reviews and evaluates the literature on the concept, motivation and effect of the combination of production and finance at home and abroad. This paper analyzes the existing problems and shortcomings in the current research process, and clarifies the contents and innovations of this paper. In the part of the theoretical basis of the combination of production and finance, the first part is from the asset. Organization and industry from these three different angles to analyze the specific connotation of "production" and "melt", respectively analysis of the three specific forms of the two, on the basis of the concept of the combination of industry and finance are summarized and defined. Secondly. On the basis of defining the concept of the combination of industry and finance, this paper further explores the path from "production" to "financial integration". Specifically, there are two main ways of combination of industry and finance in our country: equity participation or holding financial institutions. In addition, on the basis of the theory of enterprise internalization and the theory of economies of scale, the effectiveness of the combination of industry and finance is summarized and analyzed. It can be found that the combination of industry and finance can reduce transaction costs. Play a certain role in synergy and income from investment. Finally, the paper makes a theoretical analysis of the impact of the two dimensions of the combination of production and finance, generally speaking. The excessive and insufficient combination of production and finance will have a negative impact on the practical effect of enterprises. At the same time, this paper makes an empirical test on the combination of production and finance on the basis of the previous theoretical analysis. Select the sample data of the combination of industry and finance, and study from one of the perspectives of effectiveness-enterprise performance. First of all. The effect of the combination of production and finance on enterprise performance is analyzed by using the paired t test. The results show that the combination of production and finance has not significantly improved the enterprise performance of the sample enterprises. This paper makes a further analysis of the two dimensions of the combination of industry and finance, that is, depth and breadth. Secondly, the relationship between the depth of the combination of production and finance and the performance of enterprises is analyzed by using regression analysis. Third, in the statistical analysis, we find that there is a shortage in the depth and breadth of the combination of production and finance in private enterprises in China. At the same time. The change of stock price of sample enterprises before and after the combination of production and finance is analyzed by paired t test to observe the investors' investment intention for the combination of industry and finance. Finally. In this paper, the author puts forward the countermeasures to improve the efficiency of China's domestic financial combination from the macro and micro aspects, and points out the limitations of the research in this paper, and looks forward to the future research direction of the combination of production and finance.
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：1397947