Research On The Haier Group’s Approach And Effect Of Combination Between Industry And Finance

The Twentieth National Congress of the CPC points out that China has entered the stage of high-quality development.We shall always focus on the substantial economy,strengthen industrial and financial further cooperation,promote new industrialization,accelerate the construction of manufacturing power and network power,and promote the construction of an effective financial system and mechanism to support the substantial economy.The combination of industry and finance usually refers to the internal combination or integration of industrial departments and financial departments through mutual share participation,share controlling and personnel distribution.In our country,the combination of industry and finance mainly focuses on the one-way entry and penetration of industrial capital into financial sector.It is a mode for enterprises to accumulate certain industrial capital and develop to a certain scale in order to realize diversified operation and improve operation capacity.However,through the observation of the development of the combination of industry and finance in our country,it is found that many enterprises are still lack of experience in the financial field,which makes the combination of industry and finance unable to play an effective role.In this context,it is of great practical significance to analyze the impact of the combination of industry and finance on the economic effect of enterprises from the theoretical level.Firstly,this thesis summarizes and combs domestic and foreign academic literature on the combination of industry and finance,which lays a theoretical foundation for this study.Secondly,starting from synergistic effect theory,diversification theory,transaction cost theory and enterprise lifecycle theory,the mystery of the combination of industry and finance is revealed.In the part of case analysis,this thesis selects Haier Group as the object of study,which is relatively successful in the implementation of the combination of industry and finance.Haier Group,as a large well-known group enterprise in China and over the world,starts the combination of industry and finance in early days,lasts for a long time and achieves good results.Its selection of the mode of the combination of industry and finance and its application in the process have a good reference significance for other enterprises to carry out the combination of industry and finance.This thesis collects the relevant materials of the combination of industry and finance of the case enterprise Haier Group to conduct case study.From the enterprise development overview,this thesis expounds the basic situation and operation situation of the enterprise,and gradually discusses the implementation characteristics of the combination of industry and finance of the Haier Group,and on this basis,sorts out the implementation motivation,mainly including meeting the funds needed by the production and operation of the Haier Group and dispersing the operation risk cost of the Haier Group;reduces the asymmetry of external financing information and the transaction cost of the Haier Group;reduces the borrowing cost of funds of the Haier Group and improves the use efficiency of funds;Haier Group proposes the diversification strategy and strengthens the close relationship between industry and finance.This thesis also uses two different ways to measure the level of Haier Group’s financialization.Finally,the thesis further analyzes the economic effects of each stage of Haier Group’s integration of production and finance in different degrees of financialization from four aspects: profitability,solvency,operational capacity and development ability.According to the above analysis,we conclude that the impact path of Haier Group’s combination of industry and finance on economic effects mainly includes: providing strong financial support for the development of Haier Group by holding shares in Qingdao Bank;connecting member entities and financial institutions in the industrial chain by establishing Haier Finance Company;integrating financial assets into Haier Financial Holdings,straightening out the shareholding structure and improving financial service level;and Haier Group gradually promoting the combination of industry and finance by adopting the concept of Internet +entity + financial strategy.Through in-depth understanding and study of the cases,this thesis draws the following conclusions:(1)Participating and holding banking institutions are conducive to linking the interests of Haier and financial institutions;(2)Haier Finance serves the internal members of the group and helps to achieve unified management of funds;(3)Haier Financial Holdings is conducive to providing customers with diversified financial services and more reasonable allocation of resources;and(4)Building an industrial investment bank is conducive to improving the operating performance of Haier Group.Finally,through the study on the combination of industry and finance of Haier Group,this thesis obtains the following enlightenment:(1)Enterprises shall tamp industrial capital and serve the development of real economy;(2)Enterprises shall accelerate the establishment of industrial and financial blockchain alliance;(3)Enterprises shall strive to create an efficient industrial and financial ecosphere;and(4)Enterprises shall ensure that industrial capital drives the sound development of financial capital.Through the study of Haier Group’s combination of industry and finance,this thesis hopes to bring our enterprise groups practical reference value to the implementation of the combination of industry and finance in order to improve the overall performance of enterprises.