Research On The Minmetals Group’s Approach And Efect Of Combination Between Industry And Finance

Since the reform and opening up,China has broken the previous shackles of the public economy,implemented the socialist market economy and kept opening to the outside world,greatly activating the whole market economy.Especially after China joined the WTO in 2001,a large number of foreign investments poured into China,and Chinese goods were also sold abroad.The economic links between China and foreign countries became closer.Some advanced economic development models of foreign countries are also gradually used for reference by domestic enterprises,and the combination of industry and finance is one of them.The concept of combination of industry and finance originated from western developed countries,which means that industrial enterprises and financial enterprises belong to the same controller through equity control for the common development goal.The combination of industry and finance can be roughly divided into the market-oriented mode represented by the United States and the United Kingdom,the financial institution-oriented mode represented by Germany,and the government-oriented mode represented by Japan and South Korea.China’s exploration in the combination of industry and finance started late,mostly to learn from foreign advanced experience.As China’s Commercial Bank Law stipulates that commercial banks are not allowed to invest in non-bank financial institutions and enterprises,the formation of state-owned enterprises in China is mainly driven by the government,while private enterprises are more driven by the market,especially the development of Internet finance,and private enterprises are developing rapidly in the aspect of integration of industry and finance.However,due to the fact that our country mainly uses the experience of foreign countries for reference in the operation of industry finance integration,enterprises seldom explore the effective way of industry finance integration according to their own characteristics.Most of the early scholars also mainly discussed the mode of foreign industry finance integration,and ignored whether industry finance integration can really improve the enterprise effectiveness and the risk brought by industry finance integration.Until the outbreak of the Delong event,the mode of industry finance integration has aroused strong repercussions in domestic practice and academia.More scholars are pessimistic that industry finance integration is not feasible in China.As a socialist market economy with Chinese characteristics,China mainly focuses on state-owned enterprises in key fields and industries,and also supportsthe development of private enterprises,which makes the development level of different enterprises in China very different,and it becomes more complicated to explore a way of industry finance integration that is generally applicable to the development of enterprises in China.Therefore,it is of great significance to explore the path of the combination of industry and finance.This paper takes Minmetals group as the object of the case study,and analyzes the path of Minmetals group’s combination of industry and finance by using relevant theories.By studying the motive,mode,path and effect of Minmetals group’s combination of industry and finance,this paper reveals the reasons for the effect of the combination of industry and finance in Minmetals Group.The thesis is divided into five parts: the first part is the introduction,which mainly introduces the research background and significance,the model and effect of the combination of industry and finance,the research ideas and methods,and the basic framework.The second part is the theoretical overview of the combination of industry and finance,which is the theoretical basis of this paper.It mainly introduces the concept and characteristics of the combination of industry and finance,the motivation,mode and relevant basic theories.The third part is the case study,which mainly introduces the background of Minmetals group,the motive of the combination of production and finance,the mode and characteristics of Minmetals group’s combination of production and finance.The fourth part is the path and effect analysis of Minmetals group’s combination of production and finance,which mainly introduces the path of Minmetals group’s combination of production and finance,the effect of Minmetals group’s combination of production and finance and the reasons for the effect.The fifth part is the conclusion and enlightenment,which mainly summarizes the previous analysis of the article,deduces that Minmetals group has chosen the right combination of production and finance path and achieved good results,and then obtains the enlightenment in this case analysis.The main contribution of this paper is to:(1)Previous studies on the combination of industry and finance mainly focus on the theoretical discussion on the motivation and path of the combination of industry and finance,and there are few literatures on case studies.The research in this paper has enriched the research literature on the combination of industry and finance.(2)This paper selects Minmetals group,a large state-owned enterprise in China,as the research object,and analyzes the choice and effect of the combination of industry and finance of listed companies in China.The choice of this case is relatively representative,which has a good reference significancefor other domestic enterprise groups to take the combination of industry and finance.(3)This paper takes the choice of industry-finance combination path as the starting point to study the impact of the choice of industry-finance combination path on its implementation effect,from a relatively new perspective.