摘要
微观经济组织的资源配置效率是实现经济发展的重要基础保障。微观经济组织与经济发展的关系可概括为：一方面,企业等微观经济组织内部及其之间的资源配置的状况是实现全社会经济资源合理配置、进而实现经济发展的重要条件；另一方面,与经济发展相适合的微观经济组织形式本身就是使经济发展过程得以顺利推进的重要保障。企业与金融机构作为微观经济组织,在上述两方面的作为必然会对经济的发展产生巨大的推动作用。
产业部门是社会经济发展的基础,而金融业又一向被认为是社会经济发展的核心,两大部门在经济中的作用由此可见一斑。因此,立足于我国经济现状,并借鉴国际经验,从经济发展战略的角度出发,探索如何实现产业部门与金融部门的有效融合及其经济效应等问题就显得尤为迫切。
一个社会中的资本从大的角度而言,可分为金融资本与产业资本(非金融资本)两个方面,因此,在优化资本配置的过程中,一个重要的内容即是产业资本与金融资本的融合。而通过金融市场机制的作用,产业资本与金融资本的融合会对资本的数量扩张、质量提升产生重大的影响。产融结合若能得到合理推行,是会促进一国金融市场的健康成长,推进一国经济的不断发展的。本文即以产业资本与金融资本的积累和配置为研究对象,分析其在微观经济领域中的活动,及其对宏观经济的影响与作用。
科学、完整的产融结合的内涵应包括微观层面上的经济组织之间的资本交易及宏观层面上的社会资本配置的经济绩效。产融结合做为一种经济现象,事实上包含了微观上的产业资本与金融资本的融合,以及宏观上非金融业与金融业的结合。微观上的产融结合是产融资本的一体化,可以表现为,产业部门与金融部门的相互投资和人事互派等,宏观上的产融结合是将金融业作为国民经济发展中一个独立的产业,研究产业发展与金融业的相互关系,产业与金融业的协调统一,相互影响、相互作用。微观上的产融结合有助于提升各经济主体的效率,宏观上的产融结合则是促进经济发展的重要途径。产融结合是在生产高度集中的基础上,产业部门和金融部门之间通过股权、债权等的参与以及由此而产生的经营思想、企业文化等的结合所形成的资本融合的关系,是加速社会资本集中的有效方式。
完整的产融结合过程应当包括借贷资本与产业资本从分离到结合生成金融资本,再到金融资本与产业资本融合的发展进程。在这个过程中,借贷资本与产业资本、产业资本与金融资本由单一的信贷关系发展到双向的资本(股本)结合、乃至人事结合,是由契约关系到产权关系的逐步深化。产融结合具有流动性、稳定性等特征,及优化资源配置功能、价值发现功能和风险分散的功能。产融结合对经济的发展与安全等也会产生影响。
无论是从资本形态的演化、还是虚拟经济的演进、企业股权结构的演变来看,产融结合在我国虽然只有20余年的历史,但已经和正在日益丰富与活跃,并呈现双向流动融合的形态(产业资本流向金融资本及金融资本流向产业资本),也促进了金融市场质量的提升、资金融通效率的提高、综合类金融集团的培育、企业集团化发展、及社会信用体系的完善。
通过实证分析发现,参与产融结合企业的区域分布和所涉及产业的地区分布基本上与我国企业整体的地区分布相一致,而从融合的规模分布和业绩表现上来看,与我国企业整体的地区分布却不完全一致。金融通过信贷资产、股权投资等方式,金融资源可以对企业法人治理结构施以渗透和影响。特别是直接的股权投资,实际上就转化成了金融资本的法人控制。产融结合对于企业经营业绩、资本结构、核心竞争力、市场价值、资本使用效率等都会产生深刻的影响。
产融结合的出现,使得我国金融结构也处于不断变化之中。银行资产规模在全部金融机构中市场份额的比重在下降,非银行金融机构比重在上升,国有金融机构比例在下降,外资金融机构与地方性中小金融机构比例在上升。新兴金融机构的相继创立,使得金融组织结构正在日趋多元化。金融机构通过发行股票、发放证券信贷、进行证券投资等途径积极参与到产融结合中。
产业结构的调整离不开金融的支持,金融资源的产业范围选择对于宏观经济效率的发挥、产业结构的优化都有重要意义。一定的产业结构是由相应的投融资结构决定的,因此要调整产业结构,必须从调整投融资结构入手,通过投融资结构的调整带动产业结构的转换。
在我国现阶段产融结合的发展中,各种类型的金融集团、企业集团财务公司、投资银行金融租赁公司等都是可以积极尝试推广的形式。产融结合的实现途径主要有产业资本直接设立金融机构、或间接参股现有的金融机构,及金融资本参股产业资本等,以实现资本与增长机会的结合、投资与融资的结合、金融家与企业家的结合,以及政府的激励政策与经济主体经济利益驱动的结合。
产融结合、尤其是开放经济下的产融结合导致金融体系的不确定因素增加。在国际金融自由化和金融电子化的浪潮下,产业资本与金融资本的融合、交易带动了社会资本的运动,从而,资金流动的数量和速度的增加进一步刺激了金融交易的扩大,大规模资金的过快游移必然增加金融市场的复杂性和管理上的艰巨性,从而对一个地区、一个国家乃至全球的金融安全构成威胁。而且,伴随着产融结合的不断扩大、虚拟金融资产的不断扩张,现代金融风险的整体形态与变化机理也将出现重大变化,在风险规模、结构、传导机制、发生频率及扩散速度上都会表现出一系列新的特征,金融风险数量增多、频率加快、风险规模与风险损失的扩大都是有可能的。
在产融结合中要加强金融监管,合理防范金融风险、乃至整个宏观经济的风险。无论是一国的宏观经济实力,还是微观经济主体的实力,都是发展产融结合的关键；诚信的构建又是发展产融结合的重要保障；而信息披露制度的完善与合理股权结构的设置对于发展我国的产融结合也具有十分重要的意义。
产业资本与金融资本的融合是当代社会经济生活中非常活跃、又非常重要的经济现象,其在中国的出现不过是最近二三十年的事情。产融结合出现后,更多的研究是基于资本运动的方向,对产业资本与金融资本融合的现象关注较多,但在笔者有限的视野内,基于金融学、产业经济学等理论,触向产融结合的较为全面、深层的探究较为少见。本文运用了抽象分析法、规范研究方法与实证研究方法相结合、产融结合的理论和实践相结合的方法进行研究。
总之,本文对产融结合的理论依据、产生发展的缘由、及其经济效应等进行了较为全面、系统的分析,所总结出的各种规律又可用以指导产融结合中已经和将要发生的交易行为。
诚然,产融结合本身就是一个十分庞大的课题,涉及到许多的问题,囿于研究背景资料以及自身工作经历、专业领域、研究水平等的限制,在这样一篇文章中是不可能一一加以论述的,本文存在的诸多不足,需要在未来的研究中进一步深入和完善,以使我国的产融结合获得更为充分、健康的发展。
Resource allocation efficiency of microeconomic organizations is an important basic guarantee to achieve economic development. Micro-economic organization and development of economic relations can be summed up as:on the one hand, enterprises such as micro-economic situation of allocation of resources within and between organizations is achieving rational allocation of society's economic resources, and important condition for achieving economic development on the other, and that's appropriate for the economic development of micro-economic organization itself is the important guarantee for smoothly promoting the economic development process. Corporate and financial institution as a micro-economic organization, as in these two areas will have a significant role in promoting economic development.
Industry sector is the basis of socio-economic development, and the financial sector has always been considered is the core of socio-economic development, the two major departments in the economic role of evident. Therefore, based on the economic situation in China, and drawing lessons from international experience, from the perspective of economic development strategies, explore how to implement effective fusion of industrial and financial sector and its economic effect is particularly urgent.
From large of angle, capital in the social may be divided into financial capital and industrial capital (non-financial capital) two aspects. Through the role of market mechanism, combination of industrial capital and financial capital on quantity of expansion, and quality of improvement has a significant impact. Combination can get a reasonable implementation will promote the healthy growth of a country's financial markets and promote the continuous development of a country's economy. This article is to the accumulation of industrial capital and financial capital and configured for the study, analysis of their activities in the field of micro-economic, and its impact on macroeconomic and function.
Complete combination of content that should be included on the micro-level capital transactions between economic organizations and social capital allocation of macro-level economic effect. Combination as an economic phenomenon actually contains microscopic on the combination of industrial capital and financial capital, as well as on a large scale combination of non-financial sector and the financial sector. Combination is melting on the micro-combination of capital, can manifest itself as, industrial and financial sectors such as mutual investment and personnel Exchange, on a large scale is the combination of the financial sector as an independent industry in national economic development, research on the relationship between industrial development and the financial sector, industry and the harmonization of the financial sector, influence and interact with each other. Micro combination helps to improve the economic efficiency of the subject; on a large scale combination is an important way to promote economic development. Combination is the high concentration of production on the basis of claims between the industrial and financial sectors through equity, participation, and the resulting combination of business ideas, business and cultural capital formed by fusion of the relationship is effective means of accelerating social concentration of capital.
Complete combination process should include loan capital generated in conjunction with industrial capital into financial capital, and to the development of industrial capital and financial capital combination process. In this process, loan capital and industrial capital, industrial capital and financial capital by a single credit relations development to double capital (equity) is a combination of, and even combination of personnel, is from the contractual relationship, the gradual deepening of the relations of property rights. Combination with features such as liquidity, stability, and optimizing resource allocation functions, value discovery and risk spreading function. Combination also has an impact on economic development and security.
Regardless of is from capital form of evolution, and also is virtual economic of evolution, and Enterprise equity structure of evolution view, produced thaw combination in China although only more than 20 years of history, but has and is increasingly rich and active, and rendering bi-directional flow fusion of form (industry capital flows financial capital and the financial capital flows industrial capital), also promoting has financial markets quality of upgrade, and funds facility efficiency of improve, and integrated class financial group of cultivation, and enterprise group development, and the social credit system of perfect.
Empirical analysis found that participation in combination involved in the regional distribution of enterprises and industry regional distribution is basically consistent with the regional distribution of enterprises in our country as a whole, from the fusion of size distribution and performance point of view, and regional distribution of enterprises in our country as a whole did not remain the same. Financial assets through credit, equity investment and other means, financial resources can be imposing infiltration and influence on corporate governance. In particular, direct equity investment, essentially translates into corporate control of financial capital. Combination for enterprises operating performance, capital structure, core competence, market value, efficient use of capital will have a profound impact.
Combination there, China's financial structure is also evolving. Bank assets in the market share declined as a proportion of all financial institutions, rising proportion of non-bank financial institutions, State-owned financial institution in the fall, foreign financial institutions and local small and medium-sized financial institutions are on the rise. Emerging financial institutions have been created, making financial structure are increasingly diversified. By issuing shares of financial institutions, issuance of securities lending, securities investment, inter alia, to participate actively in the combination.
Industrial'structure adjustment and need financial support, industry-wide selection of financial resources in macro-economic efficiency, optimization of industry structure has played an important significance. Certain industrial structure is determined by the appropriate investment and financing structure, so you want to adjust the industrial structure, must start with the adjustment of investment and financing structure through restructuring promoting the transformation of industrial structure of investment and financing.
In combination at the present stage of development in China, various types of financial groups, enterprise groups'financial companies, investment banks, finance leasing companies are actively trying to promote. Combination approaches mainly include industrial capital set up financial institutions, direct or indirect equity participation in existing financial institutions, and financial capital shares of industrial capital, and so on, to achieve a combination of capital and growth opportunities, investments, financiers and entrepreneurs in conjunction with financing, the combination of incentive policy and economic interests of economic entities and Government-driven combination.
Combinations, especially under the open economy of combination lead to increased uncertainty in the financial system. In international financial liberalization and financial electronic of wave Xia, industrial capital and financial capital of fusion, and trading led has social capital of movement, to, funds flow of number and speed of increased further stimulus has financial trading of expanded, mass funds of had fast tour moved inevitable increased financial markets of complexity and management Shang of difficult sexual, to on a area, and a national and global of financial security constitute threat. And, with produced thaw combination of constantly expanded, and virtual financial assets of constantly expansion, modern financial risk of overall form and changes mechanism also will appeared major changes, in risk scale, and structure, and conduction mechanism, and occurred frequency and the diffusion speed Shang will performance out series of new of features, financial risk number increased, and frequency speed up, and risk scale and risk losses of expanded are is has may of.
Combination needs strengthen financial supervision reasonable against financial risks, and the macroeconomic risks. Whether it is a country's macroeconomic strength, or micro-economic strength of the subject, are keys to the development of combination; credit construction and development of combination of important security and perfection of system of information disclosure and reasonable structure of stock ownership settings for the development of China's combination of very great significance.
Combination of industrial capital and financial capital is very active in the contemporary social and economic life, and very important economic phenomena, which in China is only the last twenty or thirty years. After the combination appears, more research is based on the direction of the movement of capital, more attention to the phenomenon of industrial capital and financial capital combination, but the author within the limited field of vision, based on the theory of Economics, finance, industry, touch to the combination of more comprehensive and deeper exploration of the relatively rare. In this article many research methods have been used, such as abstract analysis, specification and empirical study, theory and practice of research.
In short, this article on the combination of theoretical base, cause, and its economic effects, such as the development of a more comprehensive, systematic analysis, reflected in the variety of rules to guide the combination transaction behavior has and is about to occur.
Admittedly, produced thaw combination itself is a is huge of topics, involves many of problem, caught Yu research background information and itself work experience, and professional area, and research level, of limit, in such a article in the is impossible them one by one be expositions of, this article exists of many insufficient, needs in future of research in the further in-depth and perfect, to makes in China of produced thaw combination obtained more full, and health of development.
引文
①许涤新主编：《政治经济学辞典》(上),人民出版社,1984年版
②鲁道夫·希法亭,《金融资本》,商务印书馆,1994年版。
①《列宁选集》第二卷,人民出版社,1960年版。
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