摘要
本文选取A民营企业作为案例研究对象,系统剖析了宏观经济环境波动对微观企业投融资行为的影响以及民营企业实施产融结合战略的效果。研究发现,经济环境波动会显著影响企业的投融资行为,为了满足不断增长的投资需求,在民营企业普遍遭受"信贷歧视"的情况下,通过产融结合的方式能够从一定程度上缓解企业融资约束问题,且可满足多元化发展的需求,但这也增加了企业的各类风险。研究结论表明,在遭遇融资约束情况下通过产融结合方式为发展提供源源不断的资金,是民营企业摆脱融资约束、实现持续发展的重要途径,但不应照搬国外产融结合发展模式,而是应将产融结合与企业自身发展特点进行有机结合,真正实现"由产而融、以融助产、产融相适"的发展模式。
This paper systematically analyses the effect of macro-economy environment fluctuation on firms＇ investment ＆ financing activities and the effect of integration of industrial-finance capital by selecting A non-state owned firm as the case study sample. We find that, macro-economy environment fluctuation may exert great influence on firms＇ investment ＆ financing activities, and in order to satisfy the need of investment and diversification, firms may choose to alleviate financing constraint by integration of industrial-finance capital in face of ＂Financing Discrimination＂, while this may give rise to various kinds of risks. Our findings show that, by integration of industrial-finance capital for funds in face of ＂Financing Discrimination＂ is an important way for non-state firms to avoid financing constraints and realize sustainable development, but they have to be more cautious that they should not learn the foreign mode of with blindness, the right thing that they may do is to carry out the integration of industrial-finance capital strategy based on their own characteristics, and achieve the mode of ＂Produced by Industry to Finance, Assisted by Finance for Industry, Industry and finance is matched＂.
出处
《产业经济评论》
2015年第3期96-106,共11页
Review of Industrial Economics
基金
国家自然科学基金面上项目"内部控制缺陷披露的经济后果:盈余质量
权益价值与资本成本"(71272055)
关键词
经济环境波动
产融结合
投融资行为
多元化发展
Macro-Economy Environment Fluctuation
Integration of Industrial-Finance Capital
Investment ＆Financing Activities
Diversification
