基于企业集团的金融产业发展研究

【作者】 殷红军；

【导师】 李晓西；

【作者基本信息】 中国社会科学院研究生院 ， 国民经济学， 2014， 博士

【摘要】 本论文主要是基于企业集团的角度研究分析实施金融产业发展的动因、必要条件、路径、管控模式、风险防范和效果评价等内容，是从产融结合的另一个视角“由产而融”出发所进行的研究。本文首先对国内外企业集团发展金融产业理论进行了综述和评价，分析了当前研究过程中存在的问题和不足，明确了本文研究的内容和创新之处。总体上看，具备条件的企业集团实施金融产业发展在发挥产融协同效应、弥补产业周期性风险、提升企业竞争力等方面对于推进企业集团做强做大具有较强的促进作用。产业周期理论、价值链延伸理论、企业内部化理论、规模经济效益理论等经济学基础理论为企业集团实施金融产业发展提供了有力的支撑。通过对国际国内实施金融产业发展比较成功的企业集团进行分析，得出金融产业发展是企业集团发展到一定规模阶段的产物，是“由需而融”；具有一定的实体产业规模、主业经营处于业内领先位置、稳定的现金流和企业领导对金融产业的驾驭力是实施金融产业发展的必要条件；通过研究发现，多元化经营较为成功的企业集团较为适合实施金融产业发展。本文通过对企业集团实施金融产业发展各种可能的路径分析，研究提出了在不同情况下对投资金融机构的顺序安排。在控股还是参股方面，通过构造模型进行分析，得出对易于同企业集团其他产业产生协同效应的金融机构应进行控股投资；对于新设审批相对较为容易的金融机构应当采取新设模式，对当前获得金融牌照较为困难的，应采取收购模式。笔者把拟并购的金融机构分为盈利和亏损两类情况进行了估值研究，并结合实际案例进行了实证分析。在企业集团金融产业发展的管控方面，本文重点对金融控股公司的管控模式进行了研究，分析通过金融控股公司实施管控的优势和存在的问题，笔者认为通过实施“大投资”、“大融资”战略可以有效避免金融控股公司的“空心化”问题。在实施金融产业发展的风险防范方面，开展金融产业投资需要以有计划发展、实现产融协同为目标；同时要切实加强金融控股公司及所管理金融机构的内控建设，完善风控体系，做到防患于未然。在实证研究方面，本文采用大量案例来论证观点，同时又利用统计方法，构造模型，对非金融类上市公司投资金融股权的数据进行了验证分析，得出实施金融产业发展对企业集团发展具有正效用的结论；在对五大发电集团金融产业发展进行分析总结的基础上，提出专业化企业集团发展金融产业需要以服务于主业、实现产融协同效应为目标，而不宜盲目追求金融“全牌照”。更多还原

【Abstract】 This paper is mainly based on the perspective of financial industry development for the enterprise group which is another perspective of industry and finance combination.It is studied by motivation, necessary condition, paths, management and control mode, risk prevention and effect assessment, etc. First of all, Theory of development financial industry in domestic and international group are reviewed and evaluated. Problems existing in the research process and the insufficiency are analyzed. The content and the innovation in this article are put forward. Overall, the development of the group which already has the conditions of the development financial industry, is strengthened by producing synergistic effect, making up for industrial cyclical risks, and improving the group competition.It is provided a powerful support in the financial development of the group by the industry cycle theory, the industry value chain extension theory, the internalization theory, and the scale economic theory, etc. By comparing to the international and domestic financial industry development in the successful group, it is concluded that the financial development is the product which the group gets to a certain stage. There is a need which producing financial reasons. It is the necessary conditions for the development of financial industry that the group entities with a certain industrial scale, the main business lies in the leading position, and there are stabling cash flow and corporate leadership’s ability to control a variety of industries. The more successful in diversified business operation, the more easy to development financial industry.All kinds of possible paths which the group financial industry developing are analyzed in this article. It is proposed for the arrangement of the investment in financial institutions at different cases. In holding or participating, it is analyzed by the model, and concluded that it should be holding investment for produce synergistic effect of financial institutions. Setting up a new institution is should be adopt if the new approval of financial institutions are relatively easy. Otherwise, acquisition mode shall be adopted. The author divides two categories which profit and loss situation has been carried on the valuation analysis.In management and control of financial development for the group, this paper studied the control mode of the financial holding company. Through analysis the advantages and existing problems of the financial holding company, the author believes that through implementation of " the big investment" and " the big financing" strategy can effectively avoid the problem of "hollowing out" of the financial holding company. In terms of risk prevention in the financial development, it is necessary to have a plan development, production synergy as the goal for carrying out the financial industry investment. At the same time, it also need to strengthen the construction of internal control of financial holding company and subordinate institutions, perfecting risk control system.In empirical research, it is discussed by a large number of cases. At the same time, structure models are used, the investment of non-financial listed companies financial stock in the data is verified analysis, it is concluded that the implementation of the financial industry for development of the group is the conclusion of utility; In the five major power generation groups on the basis of analyzing financial developing, it is pointed out that the development of financial in the professional group should be serve the major business, realizing synergy effect as the goal, rather than blindly pursuing financial "full licenses"更多还原