| Author: | 张伟明 Zhang, Weiming |
| Title: | 产业资本与金融资本融合效果研究 Chan ye zi ben yu jin rong zi ben rong he xiao guo yan jiu |
| Other Title: | The effects of financial and industrial capital integration in China |
| Advisors: | 汪叔夜 (AF) |
| Degree: | D.Mgt. |
| Year: | 2013 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Business enterprises -- China -- Finance Joint ventures -- China |
| Department: | Faculty of Business |
| Pages: | 94 leaves ; 30 cm |
| Language: | Chinese |
| Abstract: | 本文研究近年来中国产业资本与金融资本相融合产生的产融效果。所谓产融结合是指产业资本和金融资本以股权投资为基础，实现有机结合和一体化发展的一种融合模式，是目前国内外较为普遍存在的一种结合模式，它具体表现为工商企业与各类金融企业之间通过相互参股或控股而形成的资本融合。产融结合的出现反映了市场竞争和社会化大生产经济发展的客观规律，是现代市场经济发展中一种互利共赢的选择。本文以企业资源基础理论、交易费用理论、信息不对称理论、内部资本市场理论以及代理理论等为基础，查阅了大量之前的研究成果，提出了六个方面的假设，分别从价值绩效、协同效应、融资约束和融合风险等四个维度研究论证了产融结合的效果，并对产融结合程度即投资股比不同对产融效果产生的影响加以分析，同时对不同金融机构之间存在的差异也进行了深入的探讨。本文研究对象主要是中国境内上市并开展了产融结合的产业公司。通过研究，本文发现，产融结合的价值绩效先降后升，有一定滞后的影响，产融结合对协同效应有较明显加强，且产融结合有利于缓解融资约束，并一定程度降低了公司自身财务风险。进一步的研究表明，企业价值与融合程度有一定相关关系，通过研究还发现参股不同金融机构的产融结合效果也存在一定差异。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b27780211.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.05 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/7818