产融结合与制造业企业转型升级

The Combination of Industrial Capital and Financial Capital to Promote the Transformation and Upgrading of Manufacturing Enterprises

金融支持是制造业转型升级的必要条件,也是金融发展的内在要求。产业资本与金融资本结合,即产融结合可以增强产业资本实力,并借助内嵌于金融资本中的专业人才和技术在我国金融系统发展不完善的体制环境中,克服银行体系间接融资模式的无效率和股票市场缺乏直接融资所导致的制造业转型升级困境。基于产融结合模式、机制与效果,针对我国的具体情况将产融结合的模式确定为参股金融机构,清晰地区分了缓解融资约束与增进协同效应这两种产融结合机制,通过对这两种产融结合机制的具体分析,最终发现增进协同效应才是产融结合促进制造业企业转型升级的关键。

Financial support is a necessary condition for the transformation and upgrading of manufacturing enterprises, is also the inherent requirement of financial development. The combination of industrial capital and financial capital could enhance the strength of industrial capital to overcome the inefficiency of the indirect financing mode of the banking system and the lack of direct financing of the stock market. Finally, by the professional talents and technology in financial capital which promote the transformation and upgrading of manufacturing industry. Based on the combination of production and financial model, mechanism and effect, firstly this paper according to the specific situation of our country, defined the mode of combining production and finance is holding shares in financial institutions.Secondly, this paper points out that the two kinds of combination mechanism, the one is relieving financing constraints, and another is enhancing synergy effect. Thirdly, the results show that enhance synergy effect is the key to the combination of production and finance to promote the transformation and upgrading of manufacturing enterprises.