| The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China pointed out that our country has entered a stage of high-quality development.We should always focus on the real economy,actively promote the upgrading of the industrial foundation and the modernization of industrial chain,and strive to improve economic quality,efficiency and core competitiveness.As the foundation of China’s economic development,the real economy is very key.How to enhance the comprehensive strength of the real economy,promote the transformation and upgrading of real enterprises and realize diversified development has become an important proposition in the process of China’s economic construction.The combination of industry and finance is an effective way to help the real economy achieve its development objectives and overall benefits.It makes the internal combination or integration of industrial capital and financial capital through equity participation,holding and personnel distribution.It is an important way for enterprises to promote industrial transformation and expand the real economy after they have accumulated enough industrial capital and developed to a certain scale.The combination of industry and finance can not only integrate industrial capital and financial capital,realize business diversification,and generate synergies,but also optimize enterprise capital operations,enhance financing and investment capabilities,and improve operational levels and risk resistance capabilities.However,by observing the development process of the combination of industry and finance of Chinese enterprises,it is found that many enterprises still lack experience in entering the financial field,which makes the combination of industry and finance unable to play an effective role.Under this background,it is of great practical significance to analyze the impact of the combination of industry and Finance on the economic effect of enterprises from the theoretical level.Firstly,this thesis summarizes and combs the academic literature on the combination of industry and finance at home and abroad,which lays a theoretical foundation for the research of this thesis,and reveals the mystery of the combination of industry and finance from the diversification theory,financing constraint theory,internal capital market theory and synergy theory.In the case analysis part,this thesis selects COSCO SHIPPING Development,which has been relatively successful in the implementation of the combination of industry and finance,as the research object.COSCO SHIPPING Development is the first shipping financial enterprise with shipping logistics characteristics in China.Before the implementation of the combination of industry and finance,COSCO SHIPPING Development mainly focused on traditional container manufacturing and accumulated sufficient industrial capital.After COSCO SHIPPING Development began to set foot in the financial field and promote the transformation of light assets.This thesis collects the data of the case enterprise before and after the combination of industry and finance for case study.Starting from the general situation of the enterprise development,this thesis expounds the basic situation,ownership structure and industrial layout of the enterprise,defines the macro background of the industry development,and gradually discusses the implementation process and characteristics of COSCO SHIPPING Development’s industry and finance combination.On this basis,it sorts out the implementation motivation,mainly including dispersing the market risk of the shipping industry and seeking diversified transformation;ease the pressure of capital chain and broaden financing channels;improve the efficiency of internal capital operation and enhance the ability of capital operation;use finance to help the shipping sector and give play to the synergy of industry and finance.From the perspectives of financial performance,capital operation and market prospect,this thesis explores the economic effects of the combination of industry and finance.First,it explains the impact of the combination of industry and Finance on the financial situation by analyzing the changes of the four financial indicators before and after the combination of industry and Finance: profitability,operating capacity,growth capacity and solvency.Second,it starts from the three aspects of financing capacity,investment capacity and financial leasing income,The third is to discuss the impact of the combination of industry and Finance on the market prospect from the realization of diversified development,the synergistic effect of market performance recovery and industrial finance,which promotes sustainable development.According to the previous analysis,it is concluded that the impact path of COSCO SHIPPING Development’s combination of industry and Finance on the economic effect mainly includes: fund management with the help of internal financial companies to bring economic benefits;smooth profits and create stable investment returns by participating in and holding financial institutions;build a one-stop financial service platform to improve the profitability of the financial sector;set up industrial funds,optimize industrial chain structure and improve capital operation ability.Through the in-depth understanding and research of the case,this thesis draws the following conclusions:(1)The combination of industry and finance is helpful to realize diversified development on the basis of existing business;(2)The combination of industry and finance has effectively improved the ability of the financial sector to serve the main shipping industry;(3)The combination of industry and finance can alleviate financing constraints and improve the efficiency of internal capital use;(4)The combination of industry and finance realizes the complementarity and integration of industrial capital and financial capital;(5)The combination of industry and finance improves the business situation of the enterprise and is conducive to long-term development.Finally,through the research on the combination of industry and finance of COSCO SHIPPING Development,this thesis obtains the following enlightenment:(1)Moderate financialization of shipping industry can effectively realize diversified profit model;(2)The combination of industry and finance based on assisting the development of the main business of the group should be adhered to;(3)The combination of industry and finance should be used to optimize the financing structure and reduce financing costs;(4)The coordinated development of finance and industry should be maintained to enhance the competitive advantage of enterprises;(5)The government should encourage qualified entity enterprises to actively implement the combination of industry and finance.It is hoped that through the research on COSCO SHIPPING Development’s combination of industry and finance,it can provide reference and reference value for companies that need to integrate industry and finance in the future,promote their smooth combination of industry and finance,enhance the confidence of other enterprises in the integration of the real industry and the financial industry,and promote our country’s economic revitalization and long-term development. |
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