Font Size: a A A

On The Integration Of Modern Industrial-finance Capital

Posted on:2005-07-02Degree:DoctorType:Dissertation
Country:ChinaCandidate:J Q WangFull Text:PDF
GTID:1116360122480563Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
The integration of industry-finance capital (IIFC) has been realized through the approaches of close credit—debt relationship, the integration of equities and the participation of specialized staff. It is an inherent requirement of productivity development as well as the result brought about by commodity economy and large-scale socialized production when they evolve into certain stage. Now that IIFC is an inherent requirement of market economy development, promotion of IIFC necessarily becomes an inevitable and realistic choice in China's economic development and economic and financial structural reforms. The train of thought in this article is: first, review and introduce theories of IIFC put forward by Marxists and western scholars, recognize the evolution process of classical and typical IIFC theories; second, make further analysis of IIFC in addition to general theoretical analysis; third, analyze and summarize the experiences and major modes of IIFC in advanced market economies; finally, systematically research into the problems of IIFC in China, and draw the conclusion that financial share-holding corporations belong to an effective organization form of IIFC in China at the present. The main contents of this article are shown as follows:The first chapter, brief introduction of IIFC theories put forward by Marxists and western scholars. The exposition on issues of capitalist IIFC and financial capital has been made by Karl Marx, Engels, Larfargue, Hilferding, and Lenin respectively. Based on the realities of capitalist economic development in modern times, western scholars attack Marxist theories as well as research into typical economic and financial phenomena in real economic life and bank-firm framework.The second chapter, general theoretical analysis of IIFC. First, get clear concept of IIFC and make comparative analysis of related concepts. Second, make preliminary analysis of the contributing factors of IIFC from various perspectives, such as combination of credit theory and credit—debt contract of IIFC, firm theories and organizational integration of IIFC, information theories and asymmetry of IIFC information, theories of capital structure and distribution of IIFC firm control.The third chapter, mechanism of IIFC and its efficiency analysis. The internal mechanism of IIFC includes: save trade cost of IIFC; enhance profitability of IIFC capital; improve asymmetry of IIFC information; optimize distribution of firm control; evade risk; expand investment; optimize capital distribution. To analyze the efficiency of IIFC is based on efficiency object of IIFC and X efficiency.The fourth chapter, the macro economic effects of IIFC. The most important macro function of IIFC is to promote economic growth, and it plays a critical role in the formation of capital in a country, especially in the developing countries. The negative effects of IIFC is that it probably leads to economic un-equilibrium, such as less importance of interest rate mechanism, monopolistic capital distribution, and bubble economy.The fifth chapter, the evolution process and major modes of IIFC in advanced market economies. In general, the evolution of IIFC in these countries has four stages—emergence, free development, limits, and deepening. The major modes can be summarized as American market-oriented type, German all-finanz bank system, Japanese main bank system, and South Korean government-leading type.The sixth chapter, the history and reality of IIFC in China. It has witnessed various forms and approaches, such as buying shares or establishing commercial banks by industrial and commercial businesses, setting up financial companies by corporation groups, buying or holding shares of industrial and commercial businesses by financial institutions, experimenting main bank system. The present status of IIFC in China can be generalized as several forms: financial capital's buying shares of industrial and commercial businesses through all kinds of channels, industrial capital's buying or holding substantial s...
Keywords/Search Tags:The integration of industry-finance capital (IIFC), Finance capital, enterprise, financial department, credit—debt relationship, financial share-holding companies
PDF Full Text Request
Related items