非金融类上市公司产融结合效应分析
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摘要
产融结合产生于各主要资本主义国家工业和银行业垄断基本形成的19世纪末20世纪初。至今，世界500强企业中，有80％以上都成功地进行了产业资本与金融资本结合的经营行为。随着我国社会经济的发展，近年来，“产融结合”的提法常见诸报刊，但对于产融结合的确切涵义缺乏科学的界定，有些学术论文中提及的产融结合概念甚至只局限于银企关系，理论研究明显滞后于我国金融业的发展现况(同时，我国的金融业的发展也大大落后于整个经济社会的发展)，由此导致理论与政策上的不少误解。
上市公司在产融结合大潮中扮演了冲锋陷阵的急先锋角色，上市公司产融结合也汇集了我国现阶段产融结合的各种特征。根据沪深两市的上市公司A股的2000年年度报告及临时公告所披露的相关信息统计得出，仅2000年进行产融结合的非金融类上市公司就达115家。就此，本文以非金融类上市公司为主要研究对象进行分析。
本文共分为六个部分：
1．引言
2．理论基础及文献回顾
3．非金融类上市公司产融结合对公司的影响
4．非金融类上市公司产融结合特征分析
5．非金融类上市公司产融结合效应分析
6．结论与建议
第一部分首先对产融结合的概念进行了界定，并简单介绍了产融结合的产生和发展历程等，进而分析我国产融结合现状和存在的问题，提出本文的研究目的和研究框架。
第二部分从理论角度阐述产融结合现象，归纳总结出产融结合
存在或发展的四个理论基础，并对国内外学术界对产融结合的研究
文献进行回顾，明确本文研究的前提及现有文献对本文顺利研究并
得出结论的帮助。
第三部分阐述了产融结合对上市公司三个主要方面的影响:利
润影响、业务影响和股票市场表现的影响。这部分的分析是基于我
国上市公司的现状，以理论方式推断上市公司产融结合对上市公司
产生的影响。
第四、五部分是本文的实证部分，在占有大量统计资料的基础
上，从实证的角度，运用数理统计的方法，对当前我国非金融类上
市公司产融结合效应这一资本市场发展中出现的新课题进行系统、
深入研究。
第六部分由结论和建议组成，结论的总结和主要基于四、五部
分的实证分析，明确我国上市公司实施产融结合的利弊现状。而建
议部分则从政策和上市公司两个角度为上市公司产融结合的健康
发展提供一点建议。
关于我国上市公司产融结合效应这一课题，无论是在学界还是
业界都没有得到足够的重视，相关的研究很少，而且迄今已有的一
些有关此问题的分析文章也比较零散、片面，缺乏系统、深入的研
究。所以本文的创新之处在于从实证的角度系统完整地论证我国非
金融类上市产融结合的效应。
Integration of financial and industrial has occurred during the rudiment formation of industrial and banking monopoly in capitalist countries in later 1900s and earlier 2000s. In the present, there are 80 percent companies of 500 biggest compa'nies in the world integrating financial and industrial capital. With the development of societies and economies in our country, the word, "financial-industrial integration", are frequently used in newspapers and periodicals, meanwhile there is no accurate and scientific definition on this word. Parts of themes even regard simply financial-industrial integration as the relationship between enterprises and banks, which shows us that relevant theories fall quite behind the financing in our country (meanwhile, development of our financing fall behind the whole the development of societies and economies). So there are lots of misunderstands bring on in the domain of theories and policies.
Stock companies are one kind of the 'earliest companies that taking on financial-industrial integration, so they show us all sorts of characters of the integration. According to the 2000 annual statements of stock A companies in shanghai stock market and shenzheng stock market, there are 115 proceeding the integration of financial and industrial. As a result, the thesis has a research on non-financial stock companies as the research objects.
There are six parts included in the thesis:
1. Introduction
2. Basis of theories and summary of literatures
3. Effects of financial-industrial integration on the non-financial companies
4. Analysis for the characters of financial-industrial integration on the non-financial stock companies.
5. Empirical analysis for the effects of financial-industrial integration on the non-financial companies.
6. Conclusions and suggestions
The first part of the thesis verges the conception of the integration of financial-industrial at the first time, and introduces the being and
development of it. Than it states the present situation and the problem of it in order to promote the aim and framework of the research.
The second part of the thesis illuminates the integration of financial-industrial by theoretical and sums up four basis theories. What's more, it summaries the literature about the integration both at home and on abroad, explanations the premise of the research and help from the literature.
The third part of the thesis expounds three most important parts of effects on the companies after their integration of financial and industrial including the effect of performance, the effect of industrial and the effect of stocks price in the stock market. The part gets its result by means of theoretical analysis.
The forth and fifth part is the empirical part of the research, based on lots of data, in the respective of empirical, analysis deeply the phenomena of financial-industrial integration in our stock market.
The last part of the research is made up by conclusions and suggestions. The conclusions clarify the advantage and disadvantage of the integration of financial and industrial. The main content of the part of suggestions state two ways in sight of policy and company for the companies in healthy development.
The research about the integration of financial and industrial is still not being taken into account both in the domain of theory and practice, and there are rarely articles about the integration of financial and industrial. So the innovation of the research is to analyze the effects of financial-industrial integration in scientifically and wholly.
上市公司在产融结合大潮中扮演了冲锋陷阵的急先锋角色，上市公司产融结合也汇集了我国现阶段产融结合的各种特征。根据沪深两市的上市公司A股的2000年年度报告及临时公告所披露的相关信息统计得出，仅2000年进行产融结合的非金融类上市公司就达115家。就此，本文以非金融类上市公司为主要研究对象进行分析。
本文共分为六个部分：
1．引言
2．理论基础及文献回顾
3．非金融类上市公司产融结合对公司的影响
4．非金融类上市公司产融结合特征分析
5．非金融类上市公司产融结合效应分析
6．结论与建议
第一部分首先对产融结合的概念进行了界定，并简单介绍了产融结合的产生和发展历程等，进而分析我国产融结合现状和存在的问题，提出本文的研究目的和研究框架。
第二部分从理论角度阐述产融结合现象，归纳总结出产融结合
存在或发展的四个理论基础，并对国内外学术界对产融结合的研究
文献进行回顾，明确本文研究的前提及现有文献对本文顺利研究并
得出结论的帮助。
第三部分阐述了产融结合对上市公司三个主要方面的影响:利
润影响、业务影响和股票市场表现的影响。这部分的分析是基于我
国上市公司的现状，以理论方式推断上市公司产融结合对上市公司
产生的影响。
第四、五部分是本文的实证部分，在占有大量统计资料的基础
上，从实证的角度，运用数理统计的方法，对当前我国非金融类上
市公司产融结合效应这一资本市场发展中出现的新课题进行系统、
深入研究。
第六部分由结论和建议组成，结论的总结和主要基于四、五部
分的实证分析，明确我国上市公司实施产融结合的利弊现状。而建
议部分则从政策和上市公司两个角度为上市公司产融结合的健康
发展提供一点建议。
关于我国上市公司产融结合效应这一课题，无论是在学界还是
业界都没有得到足够的重视，相关的研究很少，而且迄今已有的一
些有关此问题的分析文章也比较零散、片面，缺乏系统、深入的研
究。所以本文的创新之处在于从实证的角度系统完整地论证我国非
金融类上市产融结合的效应。
Integration of financial and industrial has occurred during the rudiment formation of industrial and banking monopoly in capitalist countries in later 1900s and earlier 2000s. In the present, there are 80 percent companies of 500 biggest compa'nies in the world integrating financial and industrial capital. With the development of societies and economies in our country, the word, "financial-industrial integration", are frequently used in newspapers and periodicals, meanwhile there is no accurate and scientific definition on this word. Parts of themes even regard simply financial-industrial integration as the relationship between enterprises and banks, which shows us that relevant theories fall quite behind the financing in our country (meanwhile, development of our financing fall behind the whole the development of societies and economies). So there are lots of misunderstands bring on in the domain of theories and policies.
Stock companies are one kind of the 'earliest companies that taking on financial-industrial integration, so they show us all sorts of characters of the integration. According to the 2000 annual statements of stock A companies in shanghai stock market and shenzheng stock market, there are 115 proceeding the integration of financial and industrial. As a result, the thesis has a research on non-financial stock companies as the research objects.
There are six parts included in the thesis:
1. Introduction
2. Basis of theories and summary of literatures
3. Effects of financial-industrial integration on the non-financial companies
4. Analysis for the characters of financial-industrial integration on the non-financial stock companies.
5. Empirical analysis for the effects of financial-industrial integration on the non-financial companies.
6. Conclusions and suggestions
The first part of the thesis verges the conception of the integration of financial-industrial at the first time, and introduces the being and
development of it. Than it states the present situation and the problem of it in order to promote the aim and framework of the research.
The second part of the thesis illuminates the integration of financial-industrial by theoretical and sums up four basis theories. What's more, it summaries the literature about the integration both at home and on abroad, explanations the premise of the research and help from the literature.
The third part of the thesis expounds three most important parts of effects on the companies after their integration of financial and industrial including the effect of performance, the effect of industrial and the effect of stocks price in the stock market. The part gets its result by means of theoretical analysis.
The forth and fifth part is the empirical part of the research, based on lots of data, in the respective of empirical, analysis deeply the phenomena of financial-industrial integration in our stock market.
The last part of the research is made up by conclusions and suggestions. The conclusions clarify the advantage and disadvantage of the integration of financial and industrial. The main content of the part of suggestions state two ways in sight of policy and company for the companies in healthy development.
The research about the integration of financial and industrial is still not being taken into account both in the domain of theory and practice, and there are rarely articles about the integration of financial and industrial. So the innovation of the research is to analyze the effects of financial-industrial integration in scientifically and wholly.
引文
[1]谢杭生，产融结合研究，2000年，中国金融出版社
[2]夏斌，金融控股公司研究，1998年，中国金融出版社
[3]郑文平、苟文均，中国产融结合机制研究，金融与保险，2000年第6期，第40页
[4]金永红，上市公司：产融结合的急先锋，上市公司，2003年第4期
[5]黄义志，上市公司参股证券公司分析，上市公司，2001年第12期
[6]黄晓龙，热潮涌动：上市公司参股银行分析，上市公司，2003年第4期
[7]王贤英、刘江云，参股金融业：上市公司的新疆域，上市公司，2003年第4期
[8]李扬、王国刚、王军、房汉廷，产融结合：发达国家的历史和对我国的启示，金融研究，2000年第7期
[9]肖文、林娜，论花旗银行到花旗集团国际战略的转变，世界经济，1998年第12期
[10]曹龙骐，《论我国的产融结合问题》，1998年，中国经济出版社
[11]樊纲，金融发展与企业改革，2000年，经济科学出版社
[12]徐明棋，市场深化中的金融重构，1996年版，上海财经大学出版社，第72页
[13]Khanna Tarunand Krishna Palepu, 1997, Why Focused Strategies May Be Wrong for Emerging Markets, Harvard Business Review,July-August.
[14]朱武祥，金融系统资源配置功能的有效性与企业多元化—兼论企业集团多元化策略，管理世界，2001年第4期
[15]威廉森，交易费用经济学讲座，经济工作者学习资料，1987年第50期
[16]郝继伦，产业资本与金融资本融合发展的理论分析，金融教学与研究，1997年第5期
[17]范洪波，上市公司股权更迭的产业效应分析，证券市场导报，2002年第5期
[18]西蒙·库兹涅茨(美)，《各国的经济增长》(1971)，商务印书馆，1985年版
[19]刘传江、李雪，西方产业组织理论的形成与发展，经济评论，2001年第6期
[20]杨小凯、黄有光(澳)，专业化与经济组织——一种新兴古典微观经济学框架，1999年版，经济科学出版社
[21]李国鼎，台湾经济高速发展的经验，1993年6月版，东南大学出版社，第360页
[22] Levine, R., Financial Development and Economic Growth, Journal of Economic Literature, June 1997, 35
[23] Wurgler, J., Financial market and the allocation of Capital, Journal of Financial Economics, 58, 2000, pp. 187-214
[24] Levine, R., and S. Zervos, Stock Markets, Banks, and Economic Growth, American Economic Review, June 1998, 88
[25]沈坤荣、张成，中国企业的外源性融资与企业成长—以上市公司为案例的研究，管理世界，2003年第7期
[26]同[1]
[27] Hubbard R. G. and D. Palia, Reexamination of the Conglomerate Merger Wave in the 1960s, An Internal Capital Market Approach,Journal of Finance, 1998
[28] Schipper K. And Rex Thompson, Evidence on the capitalize value of merger activity for merging firms, Journal of Financial Economics,1983, 11
[29] Elgers, Pieter T. and John J. Clark, 1980, Merger types and shareholder return: Additional evidence, Financial Management Summer
[30] Berger, Phillip and Eli Ofek, Diversification effect on firm value,Journal of Financial Economics, 1995, 37
[31] Khanna Tarunand Krishna Palepu, Why Focused Strategies May Be Wrong for Emerging Markets, Harvard Business Review,July-August, 1997
[32]丁志杰，“发展金融”理论研究，国际金融研究，1997年第10期
[33]刘纪鹏，2002年资本市场走势展望，中国投资，2002年第2期
[34]邱永红，上市公司参股券商现存问题与法律分析，证券时报，2001年05月23日
[35] Benjamin. F. King. Market and Industry Factors in Stock Price Behavior [J], Journal of Business, 1966,39(1), P139-190
[36] Stephen. L. Meyers, A Re-Examination of Market and Industry Factor in Stock Price Behavior [J], Journal of Finance, 1973, 28(3),P695-705
[37] Miles Livingston, Industry Movements of Common Stocks [J],Journal of Finance, 1977, 32(3): 861-874
[38]李国正，行业差别对股价走势影响，2002．9．10证券时报
[39]郭鹏飞、杨朝军，公司业绩与股价收益：基于行业特征的实证分析，证券市场导报，2003年第7期
[40]李心丹、傅浩等，2002，中国证券投资者行为研究，上海联合研究计划第三期课题报告，2002年上海证券交易所网址
[41]宋军、吴冲锋，基于分散度的金融市场羊群行为研究，经济研究，2001年第11期
[42] Shefrim. D. and L. Statman, 1994, Behavioral Capital As set pricing Theory, Journal of Financial and Quantitative Analysis,Vol.29,(3)
[43] Joram Mayshar, 1983, On Divergence of Opinion and Imperfections in Capital Market, American Economic Review, vol. 73,
1983(1)
[44] Alexander Radygin, Corporate Governance Through the Banks: The Expercise in Russia, Organisation for Economic Co-operation and Development in co-operation with Italian Treasury, Rome, 18 and 19 September, 1999. pp. 1-35
[45]Batchikov S. and Petrov Iu., The Formation of Financial-Industrial Groups and the State, Russian and East European Finance and Trade,Vol. 33, No. 1, January-February 1997, pp. 79-91
[46] Hay Donald A., Morris Derek J., Industrial Economics and Organization, Oxford: Oxford University Press, 1991
[47] Petrenko Ⅰ., Commercial Banks and Financial-Industrial Groups,Problems of Economic Transition, Vol.39, No. 4, August 1996, pp. 92-96
[48]魏杰，产融结合的体制基础，财经科学，1797年第5期
[49]徐晟，产融结合：我国市场经济中要素优化的途径选择，上海金融，1997年第11期
[50]蒋选等，国外企业集团产融结合及其对我国大型企业集团的借鉴意义，中央财经大学学报，1998年第6期
[51]刘保华，资产证券化与我国产融结合模式的演进，技术经济与管理研究，2003年第4期
[2]夏斌，金融控股公司研究，1998年，中国金融出版社
[3]郑文平、苟文均，中国产融结合机制研究，金融与保险，2000年第6期，第40页
[4]金永红，上市公司：产融结合的急先锋，上市公司，2003年第4期
[5]黄义志，上市公司参股证券公司分析，上市公司，2001年第12期
[6]黄晓龙，热潮涌动：上市公司参股银行分析，上市公司，2003年第4期
[7]王贤英、刘江云，参股金融业：上市公司的新疆域，上市公司，2003年第4期
[8]李扬、王国刚、王军、房汉廷，产融结合：发达国家的历史和对我国的启示，金融研究，2000年第7期
[9]肖文、林娜，论花旗银行到花旗集团国际战略的转变，世界经济，1998年第12期
[10]曹龙骐，《论我国的产融结合问题》，1998年，中国经济出版社
[11]樊纲，金融发展与企业改革，2000年，经济科学出版社
[12]徐明棋，市场深化中的金融重构，1996年版，上海财经大学出版社，第72页
[13]Khanna Tarunand Krishna Palepu, 1997, Why Focused Strategies May Be Wrong for Emerging Markets, Harvard Business Review,July-August.
[14]朱武祥，金融系统资源配置功能的有效性与企业多元化—兼论企业集团多元化策略，管理世界，2001年第4期
[15]威廉森，交易费用经济学讲座，经济工作者学习资料，1987年第50期
[16]郝继伦，产业资本与金融资本融合发展的理论分析，金融教学与研究，1997年第5期
[17]范洪波，上市公司股权更迭的产业效应分析，证券市场导报，2002年第5期
[18]西蒙·库兹涅茨(美)，《各国的经济增长》(1971)，商务印书馆，1985年版
[19]刘传江、李雪，西方产业组织理论的形成与发展，经济评论，2001年第6期
[20]杨小凯、黄有光(澳)，专业化与经济组织——一种新兴古典微观经济学框架，1999年版，经济科学出版社
[21]李国鼎，台湾经济高速发展的经验，1993年6月版，东南大学出版社，第360页
[22] Levine, R., Financial Development and Economic Growth, Journal of Economic Literature, June 1997, 35
[23] Wurgler, J., Financial market and the allocation of Capital, Journal of Financial Economics, 58, 2000, pp. 187-214
[24] Levine, R., and S. Zervos, Stock Markets, Banks, and Economic Growth, American Economic Review, June 1998, 88
[25]沈坤荣、张成，中国企业的外源性融资与企业成长—以上市公司为案例的研究，管理世界，2003年第7期
[26]同[1]
[27] Hubbard R. G. and D. Palia, Reexamination of the Conglomerate Merger Wave in the 1960s, An Internal Capital Market Approach,Journal of Finance, 1998
[28] Schipper K. And Rex Thompson, Evidence on the capitalize value of merger activity for merging firms, Journal of Financial Economics,1983, 11
[29] Elgers, Pieter T. and John J. Clark, 1980, Merger types and shareholder return: Additional evidence, Financial Management Summer
[30] Berger, Phillip and Eli Ofek, Diversification effect on firm value,Journal of Financial Economics, 1995, 37
[31] Khanna Tarunand Krishna Palepu, Why Focused Strategies May Be Wrong for Emerging Markets, Harvard Business Review,July-August, 1997
[32]丁志杰，“发展金融”理论研究，国际金融研究，1997年第10期
[33]刘纪鹏，2002年资本市场走势展望，中国投资，2002年第2期
[34]邱永红，上市公司参股券商现存问题与法律分析，证券时报，2001年05月23日
[35] Benjamin. F. King. Market and Industry Factors in Stock Price Behavior [J], Journal of Business, 1966,39(1), P139-190
[36] Stephen. L. Meyers, A Re-Examination of Market and Industry Factor in Stock Price Behavior [J], Journal of Finance, 1973, 28(3),P695-705
[37] Miles Livingston, Industry Movements of Common Stocks [J],Journal of Finance, 1977, 32(3): 861-874
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[39]郭鹏飞、杨朝军，公司业绩与股价收益：基于行业特征的实证分析，证券市场导报，2003年第7期
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