产融结合路径及经济效果研究综述

A Review of the Path and Economic Effects of Industry-Finance Integration

摘要: 产融结合，通常是指产业和金融部门通过相互持股、人员整合等方式合作，在我国，主要是产业资本单向流入金融领域。在市场经济和资本市场的不断演进中，产融结合逐渐成为大型企业集团迈向更高发展阶段的关键路径，但仍有不少企业因缺乏金融领域经验，导致产融结合效果不佳，因此，研究我国上市公司的产融结合路径及经济效果具有现实意义。文章在产融结合本质的基础上，系统梳理了产融结合动因、模式、路径及经济效果相关研究。研究结果表明，企业进行产融结合主要是为了提升经营稳健性、增强风险抵御能力以及分散经营压力等，而国内产融结合主要存在金融内部化模式、产业链金融模式和金融控股模式这三种主流的发展模式，大部分企业通过组建集团专属财务公司、参股基金机构、入股商业银行以及持有证券公司股权四种路径实施产融结合，从而对经济效果产生影响。基于此，文章提出产融结合未来研究方向可围绕数智化赋能、绿色低碳转型、风险防控与监管创新等核心方向展开，紧扣新型工业化与新质生产力发展需求。

Abstract: The industrial-finance integration usually refers to the cooperation between the industrial and financial sectors through mutual shareholding, personnel integration, and other means. In China, it is mainly the one-way inflow of industrial capital into the financial sector. With the continuous evolution of the market economy and capital market, industrial-finance integration has gradually become a key path for large enterprise groups to move towards a higher stage of development. However, many enterprises still have poor results in industrial-finance integration due to a lack of experience in the financial field. Therefore, it is of practical significance to study the industrial-finance integration paths and economic effects of listed companies in China. Based on the essence of the integration of industry and finance, this article systematically sorts out the related research on the driving forces, models, paths and economic effects of the integration of industry and finance. The research results show that the main purpose of enterprises’ integration of industry and finance is to enhance operational stability, strengthen risk resistance capabilities, and disperse operational pressure, etc. In China, there are mainly three mainstream development models of industry-finance integration: the internalization of finance model, the industrial chain finance model, and the financial holding model. Most enterprises implement the integration of industry and finance through four paths: establishing a group-exclusive finance company, participating in fund institutions, investing in commercial banks, and holding equity in securities companies, thereby influencing economic performance. Based on this, the article proposes that future research directions for the integration of industry and finance can focus on core areas such as digital and intelligent empowerment, green and low-carbon transformation, risk prevention and control, and regulatory innovation, closely aligning with the development needs of new industrialization and new quality productivity.