An Empirical Research On Effects Of Financial-Industrial Integration On The Non-financial Stock Companies

Integration of financial and industrial has occurred during the rudiment formation of industrial and banking monopoly in capitalist countries in later 1900s and earlier 2000s. In the present, there are 80 percent companies of 500 biggest compa'nies in the world integrating financial and industrial capital. With the development of societies and economies in our country, the word, "financial-industrial integration", are frequently used in newspapers and periodicals, meanwhile there is no accurate and scientific definition on this word. Parts of themes even regard simply financial-industrial integration as the relationship between enterprises and banks, which shows us that relevant theories fall quite behind the financing in our country (meanwhile, development of our financing fall behind the whole the development of societies and economies). So there are lots of misunderstands bring on in the domain of theories and policies.Stock companies are one kind of the 'earliest companies that taking on financial-industrial integration, so they show us all sorts of characters of the integration. According to the 2000 annual statements of stock A companies in shanghai stock market and shenzheng stock market, there are 115 proceeding the integration of financial and industrial. As a result, the thesis has a research on non-financial stock companies as the research objects.There are six parts included in the thesis:1. Introduction2. Basis of theories and summary of literatures3. Effects of financial-industrial integration on the non-financial companies4. Analysis for the characters of financial-industrial integration on the non-financial stock companies.5. Empirical analysis for the effects of financial-industrial integration on the non-financial companies.6. Conclusions and suggestionsThe first part of the thesis verges the conception of the integration of financial-industrial at the first time, and introduces the being anddevelopment of it. Than it states the present situation and the problem of it in order to promote the aim and framework of the research.The second part of the thesis illuminates the integration of financial-industrial by theoretical and sums up four basis theories. What's more, it summaries the literature about the integration both at home and on abroad, explanations the premise of the research and help from the literature.The third part of the thesis expounds three most important parts of effects on the companies after their integration of financial and industrial including the effect of performance, the effect of industrial and the effect of stocks price in the stock market. The part gets its result by means of theoretical analysis.The forth and fifth part is the empirical part of the research, based on lots of data, in the respective of empirical, analysis deeply the phenomena of financial-industrial integration in our stock market.The last part of the research is made up by conclusions and suggestions. The conclusions clarify the advantage and disadvantage of the integration of financial and industrial. The main content of the part of suggestions state two ways in sight of policy and company for the companies in healthy development.The research about the integration of financial and industrial is still not being taken into account both in the domain of theory and practice, and there are rarely articles about the integration of financial and industrial. So the innovation of the research is to analyze the effects of financial-industrial integration in scientifically and wholly.