Research Of Industry And Finance Combination And Risk Prevention In Enterprise Group

As China has already entered heavy industry stage along with the international economic development, industry and finance combination has become the choice of Chinese enterprises carrying on"Bigger and Stronger"strategy. Industry and finance combination practice has a history of more than 100 years in overseas, but it merely happened after reform and opening, particularly past ten years, in China. Since the late 1990's, there have been new changes in understanding enterprise market competitiveness and international competitiveness. According to Porter's theory of "national competitive advantage", enterprise is the leading actor in national competitive advantage creation process. How to promote the large groups' competitiveness effectively, our country's enterprise group raised"industrial-financing"upsurge in recent years. At the same time, it denied people's simple understanding of enterprise group's competitiveness that Delong Groups' crisis in Xinjiang in April, 2004. The theory circle also starts to reconsider whether industry and finance combination could improve enterprise competition. Does industry and finance combination itself not meet the implementation requirement in China, or other factors cause our country's industry and finance combination hiding huge risk? We need carries on the analysis from the theory and the case to seek for the answers. Therefore, this paper's main research contents are as follows:First, this article analyses a pattern of the industry and finance combination, industrial capital controlling financial capital, from angle of enterprise group industry and finance combination. It has carried on the analysis and the research to its operation mechanism, risk point and preventive measures in order to have new breakthrough and theoretical discovery about industry and finance combination.Second, this paper conducts the system research on enterprise group at a micro level, and makes it clear that the enterprise group industry and finance combination refers to the behavior pattern that industrial capital and financial capital puts in a company main body together. According to enterprise group industry and finance combination research supposition, it establishes financial enterprise share-holding proportion linear regression model, and takes PE and EPS as the explanatory VaRiable for the model.Third, this article carries on theoretical and empirical analysis to the internal drive of industry and finance combination and financial industrial development strategy production mechanism of large enterprise group that take industry as the main body, taking company group which is prevalent form of organization of large corporation inside and outside as the research object , taking industrial capital and financial capital union as the basic stand, using related theory, such as enterprise resource theory, the value chain, the transaction cost, the industrial economics and so on. It also discusses how enterprise group uses its resources and scale economy and scope economy effectively in order to promote enterprise group's core competitiveness through industry and finance combination.Finally, this paper confirms main risk and risk prevention method, according to special condition of our country's industry and finance combination. It provides theoretical analysis and support for carrying on enterprise group industry and finance combination successfully.