韩国产融结合:模式、经验与启示

South Korea's Combination Between Industry and Finance:Pattern,Experience and Enlightenment

产融结合是市场经济发展到较高水平后资源配置的一种方式,是新兴经济体促进产业要素集聚、产业升级发展和金融助力实体经济发展的重要方式。韩国作为政府主导产融结合的代表,经过多年发展逐步形成了以政府为主导、以大型企业财团为中心主体、以金融体系为支撑、以中小企业为外围的"中心—外围"产融结合模式。韩国以"中心—外围"产融结合模式促进了韩国文化产业的发展,并通过产融结合助力其"文化立国"战略的实现。但是,政府主导的"中心—外围"产融结合模式亦存在政府失效、中心企业投资饥渴、政策缺乏独立性以及资源配置扭曲等问题。整体而言,韩国政府主导的"中心—外围"产融结合模式对于我国构建产融结合新机制具有一定的借鉴意义,对于发挥市场的决定性功能和政府的指导性功能具有较好的经验启示。

The combination between industry and finance is a way of resource allocation after market economy develops into a high level, which is an important way for emerging economic entities to promote industrial agglomeration,industrial upgrading development and financial assistance for the development of real economy. Among the multiple modes of industry and finance combination,the government dominant pattern is a kind of pattern gradually formed during the process of economic development and structure upgrading of East Asian entities. As one of the representatives for government dominant industry and finance combination,South Korea has gradually formed a kind of ＂CenterPeriphery＂ industry and finance combination pattern by taking government as the dominant party,large corporate consortium as the major part,financial system as the support,small and medium enterprises as the periphery,which promotes the cultural industrial development in South Korea and helps achieve the ＂culture found state＂ strategy. However, the government dominant ＂Center-Periphery＂ industry and finance combination pattern also exists the defects that government loses effectiveness, central enterprises suffer from investment hunger, policy lacks independence, resource collocation exists distortion,etc. Generally speaking,the South Korean government dominant ＂Center-Periphery＂ industry and finance combination mode can be a reference for China to construct the new mechanism of industry and finance combination,which also offers great experience and enlightenment to play the decisive function of market and guidance function of government.