【作者】 林世协；

【导师】 瞿宝忠；

【作者基本信息】 东华大学 ， 企业管理， 2004， 硕士

【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。更多还原

【Abstract】 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. Introduction2. Basis of theories and summary of literatures3. Effects of financial-industrial integration on the non-financial companies4. 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 suggestionsThe first part of the thesis verges the conception of the integration of financial-industrial at the first time, and introduces the being anddevelopment 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.更多还原