發(fā)布時間：2019-06-02 11:53

【摘要】：在企業(yè)長遠(yuǎn)的發(fā)展過程中,以產(chǎn)業(yè)為主體的企業(yè)集團在不斷地發(fā)展壯大,但隨著競爭加劇,企業(yè)為進(jìn)一步擴大生產(chǎn)經(jīng)營能力、增強競爭力、解決資金問題,而以投資金融機構(gòu)或設(shè)立財務(wù)公司這種非銀行金融機構(gòu)等方式參與金融行業(yè),希望將其內(nèi)部化從而發(fā)揮類似金融機構(gòu)的作用。在這個過程中,有的企業(yè)在金融資本和產(chǎn)業(yè)資本的協(xié)同作用下,獲取高額報酬,增加企業(yè)價值；有的則忽視了潛在的風(fēng)險,從而導(dǎo)致了資金鏈斷裂,并最終導(dǎo)致整個企業(yè)集團的破產(chǎn)。 因此,產(chǎn)融結(jié)合給企業(yè)帶來的影響是可能是積極的,同時也可能有負(fù)面影響。所以在這個過程中,做好實施產(chǎn)融結(jié)合過程中的監(jiān)控過程,是十分必要的；在此基礎(chǔ)上,再追求產(chǎn)業(yè)資本與金融資本的協(xié)同,盡一切可能減少產(chǎn)融結(jié)合的消極影響,只有這樣才能為企業(yè)的發(fā)展注入新的動力,而不能僅僅追求短期的利潤增長。 本文通過前期的資料搜集發(fā)現(xiàn),企業(yè)在實施產(chǎn)融結(jié)合的戰(zhàn)略時,因為選擇的方式不同,最終影響企業(yè)價值的路徑也不盡相同。企業(yè)的產(chǎn)融結(jié)合是如何實現(xiàn)對企業(yè)價值的增加,不同的類型具體的方式路徑有何不同,最終對企業(yè)價值產(chǎn)生何種影響,如何實施有效地防范風(fēng)險,這些是本文討論的目標(biāo)。 本文在總結(jié)國內(nèi)、外相關(guān)的研究結(jié)論基礎(chǔ)之上,結(jié)合搜集的相關(guān)資料,首先對產(chǎn)融結(jié)合、企業(yè)價值的定義及相關(guān)概念進(jìn)行闡述；其次對目前產(chǎn)融結(jié)合的研究和發(fā)展現(xiàn)狀、目前在研究中存在的問題進(jìn)行分析闡述；然后對本文中的兩個主要概念關(guān)系進(jìn)行解釋,主要是產(chǎn)融結(jié)合理論分析以及產(chǎn)融結(jié)對企業(yè)價值影響的路徑和機理分析；結(jié)合理論分析文章選取兩個采取不同產(chǎn)融結(jié)合方式的案例,分別論證對企業(yè)價值的影響；主要是通過產(chǎn)融結(jié)合前后相關(guān)財務(wù)數(shù)據(jù)的變化來判斷。最后,選取雅戈爾和上海汽車集團股份有限公司兩個案例進(jìn)行比較分析,總結(jié)出產(chǎn)融結(jié)合對企業(yè)價值的影響是通過不同的路徑完成的,而不管采取何種路徑模式,都應(yīng)該以企業(yè)的產(chǎn)業(yè)實體為依托,不能過于為了追求金融領(lǐng)域的高額利潤或者業(yè)務(wù)全面化而盲目進(jìn)入金融業(yè),謹(jǐn)慎防范風(fēng)險,避免造成損失甚至更大的危害。 本文的可能貢獻(xiàn),一是對不同的產(chǎn)融結(jié)合模式進(jìn)行比較分析,總結(jié)影響企業(yè)價值的路徑,豐富文章內(nèi)容。二是以案例研究為主要方式,從財務(wù)管理的角度進(jìn)行分析,總結(jié)產(chǎn)融結(jié)合對企業(yè)價值的影響。本文在對案例進(jìn)行分析時,所有數(shù)據(jù)均來自經(jīng)審計披露的企業(yè)年報,并從財務(wù)管理的視角出發(fā),與企業(yè)價值相聯(lián)系,衡量產(chǎn)融結(jié)合的有效性。本文不足之處在于,產(chǎn)融結(jié)合問題的覆蓋面極廣,涉及層面也很多,內(nèi)容相對復(fù)雜,本文在研究中對企業(yè)價值的衡量僅僅是針對財務(wù)指標(biāo)所表現(xiàn)的特征,由于數(shù)據(jù)原因和本人研究能力的局限性,對非財務(wù)指標(biāo)沒有過多的關(guān)注,希望在以后的研究中能夠彌補這個遺憾。
[Abstract]:In the process of long-term development of enterprises, enterprise groups with industry as the main body are constantly developing and growing, but with the intensification of competition, enterprises in order to further expand their production and management capacity, enhance their competitiveness and solve the problem of funds. By investing in financial institutions or setting up financial companies, non-bank financial institutions participate in the financial industry, hoping to internalize them so as to play a similar role as financial institutions. In this process, some enterprises get high returns and increase the value of enterprises under the synergy of financial capital and industrial capital. Others ignore the potential risks, which lead to the break of the capital chain, and ultimately lead to the bankruptcy of the entire enterprise group. Therefore, the impact of the combination of industry and finance on enterprises may be positive, but also may have a negative impact. Therefore, in this process, it is very necessary to do a good job in the implementation of the monitoring process in the process of combination of industry and finance; On this basis, we should pursue the coordination of industrial capital and financial capital, and do everything possible to reduce the negative impact of the combination of industry and finance. Only in this way can we inject new impetus into the development of enterprises, and not just pursue short-term profit growth. Through the previous data collection, it is found that when enterprises implement the strategy of combination of industry and finance, because of the different ways of choice, the path that ultimately affects the value of enterprises is not the same. How to increase the value of enterprises, how the specific ways and paths of different types are different, how to affect the value of enterprises, and how to effectively guard against risks are the objectives discussed in this paper, which is how to increase the value of enterprises, how to combine the combination of industry and finance to increase the value of enterprises, what is the difference of different types of specific ways and paths, and how to effectively prevent risks. On the basis of summing up the relevant research conclusions at home and abroad, combined with the relevant data collected, this paper first expounds the combination of industry and finance, the definition of enterprise value and related concepts. Secondly, it analyzes and expounds the current research and development status of the combination of industry and finance, and the existing problems in the research. Then it explains the relationship between the two main concepts in this paper, mainly the theoretical analysis of the combination of industry and finance and the analysis of the path and mechanism of the impact of the combination of industry and finance on the value of enterprises. Combined with the theory, this paper selects two cases which adopt different combination of industry and finance to demonstrate the influence on the value of the enterprise, mainly through the change of the relevant financial data before and after the combination of industry and finance. Finally, Youngor and Shanghai Automobile Group Co., Ltd. are selected to make a comparative analysis, and the influence of the combination of production and finance on the value of the enterprise is concluded through different paths, no matter what path mode is adopted. We should rely on the industrial entities of enterprises, and should not blindly enter the financial industry in order to pursue the high profits or business in the financial field too much, guard against risks carefully, and avoid causing losses or even greater harm. The possible contribution of this paper is to compare and analyze different modes of combination of industry and finance, summarize the paths that affect the value of enterprises, and enrich the content of the article. The second is to take the case study as the main way, from the perspective of financial management to analyze, summarize the impact of the combination of industry and finance on the value of enterprises. In this paper, when the case is analyzed, all the data come from the audited annual report of the enterprise, and from the perspective of financial management, it is related to the value of the enterprise to measure the effectiveness of the combination of industry and finance. The deficiency of this paper is that the problem of combination of industry and finance has a wide range of coverage, involving a lot of levels, and the content is relatively complex. In this paper, the measurement of enterprise value is only aimed at the characteristics of financial indicators. Due to the data reasons and the limitations of my research ability, there is not too much attention to non-financial indicators. I hope to make up for this regret in the future research.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F121.3;F275

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