| In recent years,China’s economy is entering a stage of high-quality development at medium and high speeds.As a state-owned asset-intensive industry,the power and energy industry is in a mature developing stage.The products of various companies are relatively homogeneous.With the gradual disappearance of domestic population and land dividends and the increase of overcapacity,large enterprises in the electronics industry are gradually facing bottlenecks such as slow industrial development,large capital needs,long investment cycles,and high financing costs,among which central enterprises in the power industry bear social responsibilities related to the national economy and the people ’ s livelihood.In order to alleviate the difficulties,many central enterprises have obtained various financial licenses successively to establish a combination of industry and finance by relying on the advantages of central enterprises such as sufficient capital and higher financing position for their own development needs during the reform of our country’s financial system.The internal logic of the establishment of financial holding companies by central enterprises in the power industry lies in alleviating the information asymmetry between fund lenders and industrial capital,improving industrial financing capabilities,reducing comprehensive operating costs,promoting the coordinated development of industrial groups and financial businesses,and realizing “Industry-finance integration pattern“ with industry as the mainstay and finance as the supplement.In order to better explore the characteristics and paths of industry-finance integration of central-owned financial holding companies in the power industry,this article uses the State Grid Corporation,a leading enterprise in Chinese power industry,as the research object to conduct a case study.Based on the theory of synergy and transaction cost theory,this article briefly introduces the basic concepts of industry-finance integration and financial holding companies,and briefly describes the development and characteristics of the power industry,and then uses State Grid Corporation as a model of central enterprises in the power industry.Analyze the process of State Grid’s integration of industry and finance,summarize the development of its main business,the process of financial capital expansion,and the path of industry and finance integration,and evaluate the establishment of State Grid Yingda Financial Holding Company by using the DEA-CCR model.The efficiency of the subsequent integration of industry and finance will be compared horizontally with the other three central-owned financial holding companies in the power industry.The results of article are followed: First,the industry-finance integration efficiency of central enterprises in the power industry is generally at a relatively high level,while the State Grid Group’s industry-finance integration efficiency is significantly higher and more stable than the industry average;Second,the two important ways to improve its operating efficiency are by directly promoting efficiency improvement through the profit contribution of its financial business and by improving the debt structure and reducing the overall financing costs of the group,the efficiency is indirectly improved.Finally,based on the research conclusions and in view of the current development status of the State Grid Corporation’s current industry-finance integration,this article further explores strategies to continuously improve its industry-finance integration efficiency,effectively manage financial risks,and implement financial technology innovation.This research is conducive to further expanding the research on the efficiency evaluation of the industry-finance integration of central enterprises in the power industry of China,and at the same time,it helps the State Grid to have a better understanding of the practice of its industry-finance integrated financial holding companies,and hopes the development of the company provides a certain reference value. |
