中国企业产融结合的战略与风险管理

1、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.Whatthisthesisconcentrateonishowindustryshouldsupportitsownindustryoperationthroughengag。

2、edinfinancialbusiness,andconcurrentlyhowindustrial-financialholdingcompanymanagefinancederivativestransactions.Industrial-financialholdingasawaytoimprovethecompetitiveedgeofenterprisesandmethodsofmakingitselfbiggerandstronger,isalwayspraisedhighlybythebusinesscirclesinChina.Thereisnoclearansweryetaccordingtopastexperiencewhetherornotindustrial-financialholdingwillpromotethedevelopmentofenterprise.Therearesuccessfulcasesregardingtheindustrial-financialholdinglikeGEcompany,butfamouscaseoffailureli。

3、keAnronCompanyaswell.Summarizingsuccessfulexperienceandlessonofthemcanofferreferenceonhowtoformstrategyforindustry-financialholdingcompany.Industrial-financialholdingasthedecisionmakinginthebusinessstrategylevel,needenterprisestohavelong-termcommitment.AndinChina,relevantregulationsystemsarestillimmature,thefinancialsupervisorysystemisstillnotperfect,andthethresholdofnationalrestrictiononfinancialbusinessisstillhigh.Sothepolicyenvironmentthatenterprisesfacerelativelylacksthestabilitycomparingtod。

4、evelopedcountry.Enterprisewillingtogoindustry-financialholdingwillnotonlyfacingtheconstraintfromthemanagementbutalsotheconstraintfromstatepolicieswithmoreunpredictability.Thereforeitisparticularlyimportanttoputemphasisonstrategyandriskmanagementwhenmakingindustrial-financialholdingdecision.Thereforethisthesiswillattempttomakesomebeneficialexplorationinindustry-financialholdingstrategyandriskmanagementofenterprises.KEYWORDS:industrial-financialholding,corporatestrategy,risk,riskmanagement20050527。

5、IIntroductionObjectivesofthethesisIndustry-financialholdingcompanyisahottopicsincethecollapseofDlongCompanyinChina.Atpresent,thereisnoformallyrecognizeddefinitionofIndustry-financialholdingcompany.Inanarrowsense,Industry-financialholdingcompanymeansthatnon-financialcompanyandfinancialcompany(bank,trust,securities,fund,andfinancialcompanyetc.)keepastableandcloserelationship,mutuallyhelpeachothertogrowtogether.Thiscloserelationshipismainlyduetotheirresourcescanberelocatedbythesamesupervisingholdin。

6、gcompany.Anotherformofindustry-financialholdingcompanyisthatcompanyusefinancialderivativestoprovidefinancialservicestotheirsuppliersandclients,suchasAnronCompanydid.ThethesiswilldiscussIndustry-financialholdingcompanyissuemainlyonthebasisofthisdefinition.ChinaenterprisehasafavorforGEwhentalkingaboutIndustry-financialholdingcompany,becauseGEisthemostreputableIndustry-financialholdingcompanyintheworld.Atthesametime,Industry-financialholdingcompanyhasalotofbadcaseaswell,nomatterinthedevelopedcountr。

7、yofdevelopingcountry.Thethesiswilltrytolearnsomelessonsfromthepastexperience,getsomepointtohelptheChinabusiness,whichareconsideringbeinganIndustry-financialholdingcompany.Duetothedifferenceofsocialandeconomicbackground,thedifferenceoflawsystemanddegreeofeconomicdevelopment,thewayofhowtoconductandmanageanIndustry-financialholdingcompanyisdifferentaswell.Chinaisadevelopcountry,enterpriseareinadifferentenvironmentcomparingtotheenterprisesindevelopedcountry.Themostdistinctdifferenceistheexternalenvi。

8、ronmentandthelawsystemlacktheconsistencyandarenotstable.Soweshouldtakethisfactintoconsiderationwhenutilizethesuccessfulexperience.IIIntroductionofrelatedliterature(1)ComparisonbetweeninternalcapitalmarketandexternalcapitalmarketD.Lessardoncestudiedthefaultinessofexternalcapitalmarket.Hethoughtthefaultinessofexternalcapitalmarketinclude2aspects:firstly,governmentpolicy.Forexample,governmentputrestrictionsonforeignexchangemarketandcompany’sforeignexchangetrading,cashinflowandoutflowofcountry,level。

9、ofinterestrate,andallocationofinternalcreditmarketetc.Secondly,thefaultinessofinternalandexternalcapitalmarket.Forexample,theshallowmarketleadstothelowliquidityofthemarket;theincompletemarketstructureleadtothedifficultyofobtainingtheinformationandlowefficiencyofinformationetc.A.AlchianandO.E.Williamsondescribedtheefficiencywheninternalcapitalmarketplayedaroleintheresourceallocation.Theythought,managerhavebothinternalandexternalcapitalmarket,managerhaveadvantageinobtaininginformationandmonitorthe。

10、capitalmarketwhenusingtheinternalcapitalmarket.Sotheinternalcapitalmarketcanbetterhelptoallocatetheresources.AccordingtoA.Alchian,internalcapitalmarkethasanadvantageovertheexternalcapitalmarkettoavoiddisclosingtheinformationoftheinvestmentproject.Itmeans,enterpriseheadquartercandobetterincontrollingandobtainingtheinformation.O.E.Williamsoncriticizedtheassumptionofthefrictionlessbetweenenterpriseandexternalcapitalmarket.Hesaid,traditionalexternalcapitalmarketiseasilytobebotheredbythesevereasymmetr。