Research On The Performance Of Combination Of Financial Capital And Industrial Capital Of Private Enterprise In China

The combination of industrial capital and financial capital is the inevitable product ofthe market economy develops to a certain stage,it is the organic integration of industrialcapital and financial capital within an enterprise is based on the company’s strategicvision of controlling market, can reduce the cost of financing, and strengthen theintegrated management of internal funds, in addition, the Combination conducive toenterprise scale economy, access to international competitive advantage, so as toeffectively enhance core competitiveness of the enterprise. The Combination refers to theintegration of industrial and financial capital, these two types of capital mutualinvestment, equity, holding, and on this basis, to achieve the business combination andthe combination of personnel. Note that blend in with is a dynamic concept, described theprocess of mutual integration of industrial capital and economic capital.In the world today more than80%of the top500are effectively, real estate withharmony. Practice showed that the melting of industrial capital and financial capital is adouble-edged sword, and its impact on economic performance is two-way, bothcoordination effect, also have a negative effect. It is as likely to enhance thecompetitiveness of enterprises, bringing up a group of such as Haier, Guangda, CITIC,such as the big successful enterprise shandong lu neng, may also brings to the enterpriserisks, calderon is the collapse of the department, Daewoo’s collapse, the Modern split, issufficient proof of that. How to promote the progress of the coordination of corporate andfinancial reforms in theory and policy, to seek industrial capital and financial capitaleffectively combine the new mode to build a large internationally competitive companies,large group, has become a major issue facing enterprises in China. Under the dualpressure of the financial reform and industrial structure upgrading, explore the industrialcapital and financial capital to effectively combine to have important practicalsignificance for the promotion of China’s financial reform, and promote industrialdevelopment.Firstly, the concept of the Combination of defined analysis of the Combination ofmotivation, an overview of the research position at home and abroad. Also pointed outthat the characteristics and problems of our country at this stage the Combination, and from the "production-to-melt" and "production" Two approaches to by the financialanalysis of the Combination of various models and their pros and cons, I hope to exploreto suitable for China’s national conditions, the Combination mode.Secondly, the deep, Shanghai cities of the Combination of private listed companies asa sample, using six indicators to measure the performance of enterprises to collect thespecific value of the six indicators in2004-2010, by factor analysis to calculate thecompany comprehensive performance. In the correlation analysis for enterpriseproduction and Corporate Performance of the Combination of the2005annual financialindicators of the degree of integration as the independent variable, the average indicatorsof the overall performance of seven years from2004to2010as the dependent variable,firm size, leverage as control variables,using multiple regression analysis examined theextent of the Combination of the company’s performance, concluded: China’s privateenterprises producing financial relationship to the degree of integration and performanceis not obvious, namely the Combination of the development of enterprises the effect isnot obvious, noting that it is mainly the melt by the present stage production of thedegree of integration caused by the still relatively low.Finally, on the basis of the above findings, the paper carried a substantive discussion,put forward further promote the development of countermeasures I made theCombination, hoping to provide some reference for future research and practice.