On The Development Mode & Path Selection Of China’s Industry And Finance Combinatio

The haze of the global financial crisis has not yet been completely dissipated, and China’s economic development are showing a "new normal", which means that the current economic restructuring and upgrading is full of risk and pressure, but also brought opportunities and challenges. Meanwhile, "combination" development of industry and finance in recent years is known as "the route one must take" for the domestic enterprises to become bigger and stronger, but also represent "the general trend of the world’s economic development". According to observations of the domestic combination of the industry and finance of and the basic situation, many domestic large industry group did have embarked on a combination of industry and finance development road. Review the past, from the last century 1980s "Dongfeng Automobile" apply for the establishment of "Industrial Bank", later every large enterprise groups have begun to set foot in the financial sector, and then to today "the central enterprises play the leading role" set off "the Combination Waves of Industry and Finance", combination of industry and finance development has become a major issue at present to promote the unavoidable economic transformation the upgrade process. There is no doubt that, in the economic transition and social transformation of the special period, we also need to draw on the useful experience of international to achieve development by leaps and bounds, and the development of the combination of Industry and Finance obviously should also be included. For example, the combination can reduce transaction cost, eliminate the information asymmetry of industry and finance, and help business enterprises and financial enterprises to rapidly expand and achieve capital appreciation and high returns, etc.However, the relevant domestic industry and finance combination development needs to focus on the risks that may exist, also has not overlooked by the parties, especially in the "Delong case". Since 2009, the State-owned Assets Supervision and Administration Commission and other departments’attitude for "the combination of industry and finance for development" gradually become clear, and then the rumors came out which indicated that the Combination of Industry and Finance may be "censored", so each large enterprise groups home as the "central enterprises", has started a new round of industry and finance combination development plan. For example, the " China National Petroleum Corporation" to build a "Kunlun system" financial empire including trust, lease, banks, insurance, and won almost all types of financial license; "Baogang steel Group" began to get involved in the financial industry from 1998, under the banner of the Warburg trust created the profit for the miracle in the subsequent 10 years, and has been committed to its financial territory expansion. However, behind the he Combination of Industry and Finance in the "central enterprises" and "industry leader", by simply comparing with the enterprises performance in developed countries, we can find the elementary stage of development is very obvious the domestics. On the other hand, from the system reform and development of financial point of view, how to improve and strengthen the effective supervision of the problems in the development of the combination of industry and finance, which is also an important problem, concerned by both parties concerned Governments, enterprises and academic circles etc. Therefore, in the background of economic transformation and upgrading, is the current domestic Combination of Industry and Finance "the route one must take"? How to choose the mode of the Combination of Industry and Finance? In the face of all kinds of potential risks, how to realize the healthy and orderly development during the course of the combination of Industry and Finance? In this paper, the author started the research right with such a series of questions.In this paper, for the study of the combination of the development model and path selection China production, mainly in the specific stage of the development of economy and society, through the analysis of the combination of theoretical and practical basis, the dominant mode, advantages and disadvantages, in which the analysis and the government should play the role of etc., the development history of the combination of production Chinese and basic status, as the basis for the relationship between banks and enterprises and the development of capital market, and the current China combination of government regulation and risk prevention of the development, followed by in-depth analysis and research. According to the theme of this study and research ideas and framework of this paper can be summarized as follows:The first part is the introduction, including the research background and significance of the study, focusing on the related literature at home and abroad were reviewed, and explain the research ideas and the main research methods, framework, and the main innovation and insufficiency; The second part is the analysis framework of industry and finance, mainly on the basis of the theory by analyzing of industry and finance, and analyze the role of government led model, the combination, and the combination of advantages and disadvantages; The third part is the development course of Chinese and the combination of basic situation, mainly for the integration stage of development through the analysis of the present stage domestic production in China, the combination of the basic situation of development and the main problems; The fourth part of the analysis of the development and construction of capital market as a new relationship between banks and enterprises, this is the current domestic production of the combination of an important basis for the development, this part respectively on the development and influence of both in-depth analysis and summary; The fifth part is the financing mode selection Chinese combining production, according to the analysis and research above, the combination of development mode selection, the need to consider the actual conditions and the basic problem of thinking and summary; The sixth part is the financial risk prevention research Chinese combining production, according to the current domestic industry and finance combined with the actual situation and planning mode of development, focuses on the analysis of the problem of how to prevent the risks associated with the; The seventh part is the research on government regulation of the combination of production in China, which is on the basis of the foregoing analysis, comparison and summary of the relevant experience of developed countries and the existing problems, put forward the direction and focus of regulation; The eighth part is the conclusion and policy recommendations, summarized the current combination of development model and path selection, which can be used to promote the smooth development of the combination of industry and finance policy recommendations.The main innovation of this paper can be summarized into three aspects as follows: first, the combination of an analysis framework to choose the development model and path of China. So far, the related researches of the Combination of Industry and Finance, study on the relationship between financial development and economic growth or focus on the macro perspective, the analysis focuses on the micro perspective of the enterprise or business level. Based on the combination of theory and practice is summarized on the basis of a combination of analytical framework, in order to determine the current combination of theoretical basis, development mode and the pros and cons. Such a framework is not only a limited range of the study, but also provides an analysis method; second, the full development of the construction of the new relationship between banks and enterprises and capital market in China, as the combination of the basic conditions for the development of in-depth analysis. According to the analysis and summary of a large number of relevant research, many studies for the analysis of combination development problem China, despite the fact that all the development relationship between banks and enterprises and capital market as the premise, and even the relationship between banks and enterprises as a "starting point", but also often are not clearly explained and analyzed. Therefore, in this paper, after the proposed analytical framework, to conduct a comprehensive in-depth analysis of the development of the relationship between banks and enterprises and capital market, the two as the basic conditions in an important position; third, the use of case analysis method, for current and future Chinese Industry and Finance Combination mode selection and risk prevention, and government regulation the study, which laid a strong foundation for the development model and path selection. Although the use of case analysis method cannot be counted as a innovation, but to prevent the research topic of this paper is under the combination of development of current and future risks, this method is relatively scarce, and at the same time, the author also from the industry perspective for thinking and analysis, and mainly analyzes the two private enterprise group. This paper uses the case analysis method, to a certain extent, can be regarded as a necessary complement to the domestic product of the combination of research.As the academic level of the limitations and restrictions of time, this paper also has some deficiencies:on the one hand, the author itself, as has long been engaged in "private equity" and other aspects of the business, although familiar with the specific operation, but at the same time also shows that the theory is not deep enough and thorough grasp of. So in the course of the study, the analysis of the influence of some phenomena and problems and possible may not deep enough, especially on the macroeconomic effect of control; on the other hand, from the point of view of objective conditions, this study is restricted by time and other information to a great extent, time on the urgency of making some aspects still exists room for further optimization, and the restrictions of information may result in the lack of explanation and persuasion. However, for a variety of problems that may exist in this study, is the future improving direction.