企业集团产融结合及风险防范研究
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摘要
随着中国融入国际经济的深入发展,中国已经进入重化工业的新阶段,产融结合已经成为中国企业“做大做强”的基本战略选择。产融结合实践在国外已有一百多年的历史,而中国的产融结合实践仅仅是改革开放以后的事。20世纪90年代后期以来,对于企业的市场竞争力和国际竞争力的认识有了新的变化。根据波特的《国家竞争优势》理论观点,企业是国家竞争优势创造过程的主角。重新审视如何有效提升大公司、大集团竞争力的战略问题,近年来我国的大型企业集团也掀起了一股产融结合的热潮。但是,随着2004年4月爆发的新疆德隆危机否定了人们对企业集团竞争力的简单认识。理论界也开始反思企业集团产融战略对提高企业竞争力的有效性。究竟是产融结合这种发展模式本身在我国不具备实施的条件,还是由于其他的因素导致我国产融结合蕴涵着巨大的风险呢?需要从理论和实际案例来进行分析并寻找答案。因此,本文研究的主要内容如下:
首先,以企业集团产融结合为研究视角,分析产业资本控制金融资本这种产融结合模式,对其运作机理和风险点及防范措施进行分析和研究,力求对产融结合的研究有新的突破和理论发现。
第二,将产融结合的研究放在企业集团这样一个相对微观的层面来进行系统研究,明确企业集团产融结合就是指产业资本与金融资本共同置于一个公司控制主体内的行为模式。根据企业集团产融结合研究假设,建立金融企业参股比例线性回归模型,将市盈率和每股收益作为解释变量置于模型中。
第三,以国内外普遍存在的大型企业组织形式公司集团为研究对象,以产业资本与金融资本结合为基本立足点,运用企业资源论、价值链、交易费用、产业经济学等有关理论,对以产业为主体大型企业集团金融产业发展战略的生成机制、产融结合的内在动因进行了理论与实证分析,探讨大型企业集团如何有效利用其资源及规模经济与范围经济,通过走产融结合的道路提升整个企业集团的核心竞争力的实际问题。
最后,针对我国产融结合的特定条件,确定我国产融结合目前所面临的主要风险和风险防范方法,为我国企业集团产融结合的顺利进行提供理论分析和支持。
As China has already entered heavy industry stage along with the international economic development, industry and finance combination has become the choice of Chinese enterprises carrying on“Bigger and Stronger”strategy. Industry and finance combination practice has a history of more than 100 years in overseas, but it merely happened after reform and opening, particularly past ten years, in China. Since the late 1990's, there have been new changes in understanding enterprise market competitiveness and international competitiveness. According to Porter's theory of "national competitive advantage", enterprise is the leading actor in national competitive advantage creation process. How to promote the large groups' competitiveness effectively, our country's enterprise group raised“industrial-financing”upsurge in recent years. At the same time, it denied people's simple understanding of enterprise group's competitiveness that Delong Groups' crisis in Xinjiang in April, 2004. The theory circle also starts to reconsider whether industry and finance combination could improve enterprise competition. Does industry and finance combination itself not meet the implementation requirement in China, or other factors cause our country's industry and finance combination hiding huge risk? We need carries on the analysis from the theory and the case to seek for the answers. Therefore, this paper's main research contents are as follows:
First, this article analyses a pattern of the industry and finance combination, industrial capital controlling financial capital, from angle of enterprise group industry and finance combination. It has carried on the analysis and the research to its operation mechanism, risk point and preventive measures in order to have new breakthrough and theoretical discovery about industry and finance combination.
Second, this paper conducts the system research on enterprise group at a micro level, and makes it clear that the enterprise group industry and finance combination refers to the behavior pattern that industrial capital and financial capital puts in a company main body together. According to enterprise group industry and finance combination research supposition, it establishes financial enterprise share-holding proportion linear regression model, and takes PE and EPS as the explanatory VaRiable for the model.
Third, this article carries on theoretical and empirical analysis to the internal drive of industry and finance combination and financial industrial development strategy production mechanism of large enterprise group that take industry as the main body, taking company group which is prevalent form of organization of large corporation inside and outside as the research object , taking industrial capital and financial capital union as the basic stand, using related theory, such as enterprise resource theory, the value chain, the transaction cost, the industrial economics and so on. It also discusses how enterprise group uses its resources and scale economy and scope economy effectively in order to promote enterprise group's core competitiveness through industry and finance combination.
Finally, this paper confirms main risk and risk prevention method, according to special condition of our country's industry and finance combination. It provides theoretical analysis and support for carrying on enterprise group industry and finance combination successfully.
首先,以企业集团产融结合为研究视角,分析产业资本控制金融资本这种产融结合模式,对其运作机理和风险点及防范措施进行分析和研究,力求对产融结合的研究有新的突破和理论发现。
第二,将产融结合的研究放在企业集团这样一个相对微观的层面来进行系统研究,明确企业集团产融结合就是指产业资本与金融资本共同置于一个公司控制主体内的行为模式。根据企业集团产融结合研究假设,建立金融企业参股比例线性回归模型,将市盈率和每股收益作为解释变量置于模型中。
第三,以国内外普遍存在的大型企业组织形式公司集团为研究对象,以产业资本与金融资本结合为基本立足点,运用企业资源论、价值链、交易费用、产业经济学等有关理论,对以产业为主体大型企业集团金融产业发展战略的生成机制、产融结合的内在动因进行了理论与实证分析,探讨大型企业集团如何有效利用其资源及规模经济与范围经济,通过走产融结合的道路提升整个企业集团的核心竞争力的实际问题。
最后,针对我国产融结合的特定条件,确定我国产融结合目前所面临的主要风险和风险防范方法,为我国企业集团产融结合的顺利进行提供理论分析和支持。
As China has already entered heavy industry stage along with the international economic development, industry and finance combination has become the choice of Chinese enterprises carrying on“Bigger and Stronger”strategy. Industry and finance combination practice has a history of more than 100 years in overseas, but it merely happened after reform and opening, particularly past ten years, in China. Since the late 1990's, there have been new changes in understanding enterprise market competitiveness and international competitiveness. According to Porter's theory of "national competitive advantage", enterprise is the leading actor in national competitive advantage creation process. How to promote the large groups' competitiveness effectively, our country's enterprise group raised“industrial-financing”upsurge in recent years. At the same time, it denied people's simple understanding of enterprise group's competitiveness that Delong Groups' crisis in Xinjiang in April, 2004. The theory circle also starts to reconsider whether industry and finance combination could improve enterprise competition. Does industry and finance combination itself not meet the implementation requirement in China, or other factors cause our country's industry and finance combination hiding huge risk? We need carries on the analysis from the theory and the case to seek for the answers. Therefore, this paper's main research contents are as follows:
First, this article analyses a pattern of the industry and finance combination, industrial capital controlling financial capital, from angle of enterprise group industry and finance combination. It has carried on the analysis and the research to its operation mechanism, risk point and preventive measures in order to have new breakthrough and theoretical discovery about industry and finance combination.
Second, this paper conducts the system research on enterprise group at a micro level, and makes it clear that the enterprise group industry and finance combination refers to the behavior pattern that industrial capital and financial capital puts in a company main body together. According to enterprise group industry and finance combination research supposition, it establishes financial enterprise share-holding proportion linear regression model, and takes PE and EPS as the explanatory VaRiable for the model.
Third, this article carries on theoretical and empirical analysis to the internal drive of industry and finance combination and financial industrial development strategy production mechanism of large enterprise group that take industry as the main body, taking company group which is prevalent form of organization of large corporation inside and outside as the research object , taking industrial capital and financial capital union as the basic stand, using related theory, such as enterprise resource theory, the value chain, the transaction cost, the industrial economics and so on. It also discusses how enterprise group uses its resources and scale economy and scope economy effectively in order to promote enterprise group's core competitiveness through industry and finance combination.
Finally, this paper confirms main risk and risk prevention method, according to special condition of our country's industry and finance combination. It provides theoretical analysis and support for carrying on enterprise group industry and finance combination successfully.
引文
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