中国企业产融结合的战略与风险管理

上海交通大学硕士学位论文中国企业产融结合的战略与风险管理姓名：凌峻申请学位级别：硕士专业：国际工商管理指导教师：杨朝军20050612STRATEGYANDRISKMANAGEMENTFORCHINAINDUSTRIAL-FINANCIALHOLDINGENTERPRISESABSTRACTInthearticle,accordingtothecurrentsituationofthedevelopmentoftheindustrial-financialholdingcompanyinChinesebusinesscircles,andsomeexperienceandlessonsinthepast,IwilldiscusshowChineseenterprisesdostrategicplanningandriskmanagementabouttheindustrial-financialholding.Whatthisthesisconcentrateonishowindustryshouldsupportitsownindustryoperationthroughengagedinfinancialbusiness,andconcurrentlyhowindustrial-financialholdingcompanymanagefinancederivativestransactions.Industrial-financialholdingasawaytoimprovethecompetitiveedgeofenterprisesandmethodsofmakingitselfbiggerandstronger,isalwayspraisedhighlybythebusinesscirclesinChina.Thereisnoclearansweryetaccordingtopastexperiencewhetherornotindustrial-financialholdingwillpromotethedevelopmentofenterprise.Therearesuccessfulcasesregardingtheindustrial-financialholdinglikeGEcompany,butfamouscaseoffailurelikeAnronCompanyaswell.Summarizingsuccessfulexperienceandlessonofthemcanofferreferenceonhowtoformstrategyforindustry-financialholdingcompany.Industrial-financialholdingasthedecisionmakinginthebusinessstrategylevel,needenterprisestohavelong-termcommitment.AndinChina,relevantregulationsystemsarestillimmature,thefinancialsupervisorysystemisstillnotperfect,andthethresholdofnationalrestrictiononfinancialbusinessisstillhigh.Sothepolicyenvironmentthatenterprisesfacerelativelylacksthestabilitycomparingtodevelopedcountry.Enterprisewillingtogoindustry-financialholdingwillnotonlyfacingtheconstraintfromthemanagementbutalsotheconstraintfromstatepolicieswithmoreunpredictability.Thereforeitisparticularlyimportanttoputemphasisonstrategyandriskmanagementwhenmakingindustrial-financialholdingdecision.Thereforethisthesiswillattempttomakesomebeneficialexplorationinindustry-financialholdingstrategyandriskmanagementofenterprises.KEYWORDS:industrial-financialholding,corporatestrategy,risk,riskmanagement20050527IIntroductionObjectivesofthethesisIndustry-financialholdingcompanyisahottopicsincethecollapseofDlongCompanyinChina.Atpresent,thereisnoformallyrecognizeddefinitionofIndustry-financialholdingcompany.Inanarrowsense,Industry-financialholdingcompanymeansthatnon-financialcompanyandfinancialcompany(bank,trust,securities,fund,andfinancialcompanyetc.)keepastableandcloserelationship,mutuallyhelpeachothertogrowtogether.Thiscloserelationshipismainlyduetotheirresourcescanberelocatedbythesamesupervisingholdingcompany.Anotherformofindustry-financialholdingcompanyisthatcompanyusefinancialderivativestoprovidefinancialservicestotheirsuppliersandclients,suchasAnronCompanydid.ThethesiswilldiscussIndustry-financialholdingcompanyissuemainlyonthebasisofthisdefinition.ChinaenterprisehasafavorforGEwhentalkingaboutIndustry-financialholdingcompany,becauseGEisthemostreputableIndustry-financialholdingcompanyintheworld.Atthesametime,Industry-financialholdingcompanyhasalotofbadcaseaswell,nomatterinthedevelopedcountryofdevelopingcountry.Thethesiswilltrytolearnsomelessonsfromthepastexperience,getsomepointtohelptheChinabusiness,whichareconsideringbeinganIndustry-financialholdingcompany.Duetothedifferenceofsocialandeconomicbackground,thedifferenceoflawsystemanddegreeofeconomicdevelopment,thewayofhowtoconductandmanageanIndustry-financialholdingcompanyisdifferentaswell.Chinaisadevelopcountry,enterpriseareinadifferentenvironmentcomparingtotheenterprisesindevelopedcountry.Themostdistinctdifferenceistheexternalenvironmentandthelawsystemlacktheconsistencyandarenotstable.Soweshouldtakethisfactintoconsiderationwhenutilizethesuccessfulexperience.IIIntroductionofrelatedliterature(1)ComparisonbetweeninternalcapitalmarketandexternalcapitalmarketD.Lessardoncestudiedthefaultinessofexternalcapitalmarket.Hethoughtthefaultinessofexternalcapitalmarketinclude2aspects:firstly,governmentpolicy.Forexample,governmentputrestrictionsonforeignexchangemarketandcompany’sforeignexchangetrading,cashinflowandoutflowofcountry,levelofinterestrate,andallocationofinternalcreditmarketetc.Secondly,thefaultinessofinternalandexternalcapitalmarket.Forexample,theshallowmarketleadstothelowliquidityofthemarket;theincompletemarketstructureleadtothedifficultyofobtainingtheinformationandlowefficiencyofinformationetc.A.AlchianandO.E.Williamsondescribedtheefficiencywheninternalcapitalmarketplayedaroleintheresourceallocation.Theythought,managerhavebothinternalandexternalcapitalmarket,managerhaveadvantageinobtaininginformationandmonitorthecapitalmarketwhenusingtheinternalcapitalmarket.Sotheinternalcapitalmarketcanbetterhelptoallocatetheresources.AccordingtoA.Alchian,internalcapitalmarkethasanadvantageovertheexternalcapitalmarkettoavoiddisclosingtheinformationoftheinvestmentproject.Itmeans,enterpriseheadquartercandobetterincontrollingandobtainingtheinformation.O.E.Williamsoncriticizedtheassumptionofthefrictionlessbetweenenterpriseandexternalcapitalmarket.Hesaid,traditionalexternalcapitalmarketiseasilytobebotheredbythesevereasymmetr