产融结合的动因与经济后果——基于华润参股金融业的案例研究

Motivation and Economic Consequences of the Financial-industrial Combination:Based on the Case Study of Huarun Sharing in Financial Industry

本文以华润集团持股金融企业为例,从融资约束、协同价值和经营绩效的角度,考察了产融结合对企业经营发展的影响。研究发现,在既定制度背景下,产业资本参股金融企业不仅可以降低信息不对称程度、减少交易成本和逆向选择成本,还能够以集中控制现金流的形式便于构建强大的内部资本市场平台,通过内部资本配置来缓解成员企业的外部融资约束,进而弥补外部资本市场的局限性。但是,这种过于强调企业资本运作的产融互补模式,在放大融资能力的同时可能会异化为大股东、经理人等便利的寻租隧道,加剧委托代理问题。在当前我国探索产融结合实践的大背景下,本项研究具有重要的启示意义和参考价值,对于采取有效措施缓解融资约束、促进企业健康成长,具有一定的指导作用。

This paper taking Huarun Group Holding Financial Enterprise as an example to examine financial-industrial combination can affect the development on the financing constraints, synergy value and performance. Study found that, in the established system background, Financial-industrial combination can not only reduce the degree of asymmetric information, reduce transaction cost and adverse selection cost, but also to build strong internal capital market platform by controlling cash flow form. And then remission of member enterprises external financing constraints and make up the limitation of external capital market through internal capital allocation. However, financial-industrial combination may aggravate the principal-agent problem and deteriorate large shareholders or managers adverse selection problem. Under the current background of China, the combination practice is explored, the study has important significance and reference value on promoting the healthy growth of enterprises.