| The combination of production and finance is the product of a certain stage of market economy development.It is the organic integration of industrial capital and financial capital within a company.In China,the combination of production and finance has gradually become the development direction of China’s economic system reform.Looking at the history of the integration of industry and finance,there are many studies on the combination of production and financing,and most of them are from the perspective of business strategy.There is relatively little research on the financial performance of enterprises and the efficiency of production and financing combined with the combination of production and finance.This paper combines Haier’s case to explore the road of integration of production and finance in China.Haier’s integration strategy of production and financing is successful.This article elaborates on the motivations,development history,and the combination of production and finance.It focuses on two aspects: the change in financial performance before and after the combination of production and finance,and the efficiency of the combination of production and finance.With the deepening of the integration of Haier’s production and financial integration,the synergy between industrial capital and financial capital has become more and more obvious.In order to more clearly reflect the impact of the combination of industry and finance on corporate financial performance,this paper selected the data from 2002 to 2016 for 15 years,from the four aspects of profitability,debt repayment ability,operational capacity,business growth and other capabilities.A comprehensive evaluation was made of the financial performance before and after the combination,and a horizontal comparison with the industry average was also carried out.In addition,this paper also uses DEA data envelopment analysis method to analyze the efficiency of Haier production and financial integration.Through the analysis of the case of Haier’s financial integration,this paper believes that industrial capital and financial capital can support each other in the process of integration of production and finance,and exert synergy effects,which is conducive to the expansion of the scale of enterprises,can bring investment income to enterprises,and increase the Profit,improve the company’s core competitiveness,gain international competitive advantage,and improve the company’s financial performance.This paper uses DEA to study the combination efficiency of Haier fusion,and draws a conclusion that its fusion efficiency is very high.Haier has provided successful experience for China’s production-integration enterprises.In the process of combining production and financing,enterprises must do a good job of monitoring and management,reduce financial risks,and increase corporate value. |
