Chinese Listed Companies. The Combination Of Empirical Research

Financial-industrial combination is one of effective modes of capital acceleration concentration, which is a strategy choice to enhance enterprise's competitive ability. Under the circumstances that product market becomes increasingly competitive, and with the development of industrial capital and financial capital, financial-industrial combination has become the major trend. Many of enterprises of the top 500 strongest enterprises in the world have been succeeded in carrying on financial-industrial combination strategy. However, in the special economic environment in China, different enterprises have different management ability, which decides that Chinese enterprises need a unique financial-industrial combination mode. Under the condition that product market's development does not match capital market's development, whether financial-industrial combination is suitable for Chinese enterprises or not? Whether the economic performance and profit ability of enterprises which carry on financial-industrial combination strategy could be promoted obviously? There are a variety of financial-industrial combination modes, the enterprise's characteristic discrepancy result in that financial-industrial combination mode should be dissimilar. How to choose suitable mode? Answering these problems is benefit to exactly evaluate Chinese listed company's financial-industrial combination strategy, and it is also meaningful to put forword useful suggestion to these enterprises which want to carry on financial-industrial combination strategy.This dissertation bases on the unique enconomic background of China, through researching the non-financial listed company which is carrying on financial-industrial combination strategy, during the period of 1999～2005, total 4018 samples. On the basis of collecting related information of these sample company's financial-industrial combination and other financial information, the dissertation takes advantage of descriptive statistics and statistics examination to research chinese listed company financial-industrial combination degree, financial-industrial combination industry characteristic, financial-industrial combination mode, financial-industrial combination economic performance through empirical research.The main conclusions are presented as follows: Firstly, the financial-industrial combination degree of listed companys is especially low, financial-industrial combination behavior is irrelevant to economic performance and profit ability. At present, financial-industrial combination is inclined to finance behavior, not based on the view of strategy behavior. Secondly, in terms of financial-industrial combination economy effect, the mode of combinating with bank and stock company promote the economic benefit and profit ability of non-financial listed company mildly; the mode of combinating with finance corporation can promote economic performance effect, maximize the economic benefit, and increase the cash flow; the mode of combinating with trust company will weaken the listed company's economy effect.