CAJ | 학술논문

本文选取A民营企业作为案例研究对象，系统剖析了宏观经济环境波动对微观企业投融资行为的影响以及民营企业实施产融结合战略的效果。研究发现，经济环境波动会显著影响企业的投融资行为，为了满足不断增长的投资需求，在民营企业普遍遭受“信贷歧视”的情况下，通过产融结合的方式能够从一定程度上缓解企业融资约束问题，且可满足多元化发展的需求，但这也增加了企业的各类风险。研究结论表明，在遭遇融资约束情况下通过产融结合方式为发展提供源源不断的资金，是民营企业摆脱融资约束、实现持续发展的重要途径，但不应照搬国外产融结合发展模式，而是应将产融结合与企业自身发展特点进行有机结合，真正实现“由产而融、以融助产、产融相适”的发展模式。
본문선취A민영기업작위안례연구대상，계통부석료굉관경제배경파동대미관기업투융자행위적영향이급민영기업실시산융결합전략적효과。연구발현，경제배경파동회현저영향기업적투융자행위，위료만족불단증장적투자수구，재민영기업보편조수“신대기시”적정황하，통과산융결합적방식능구종일정정도상완해기업융자약속문제，차가만족다원화발전적수구，단저야증가료기업적각류풍험。연구결론표명，재조우융자약속정황하통과산융결합방식위발전제공원원불단적자금，시민영기업파탈융자약속、실현지속발전적중요도경，단불응조반국외산융결합발전모식，이시응장산융결합여기업자신발전특점진행유궤결합，진정실현“유산이융、이융조산、산융상괄”적발전모식。
This paper systematically analyses the effect of macro-economy environment fluctuation on firms’ investment & ifnancing activities and the effect of integration of industrial-ifnance capital by selecting A non-state owned ifrm as the case study sample. We ifnd that, macro-economy environment lfuctuation may exert great inlfuence on ifrms’ investment & ifnancing activities, and in order to satisfy the need of investment and diversiifcation, ifrms may choose to alleviate ifnancing constraint by integration of industrial-ifnance capital in face of “Financing Discrimination”, while this may give rise to various kinds of risks. Our ifndings show that, by integration of industrial-ifnance capital for funds in face of “Financing Discrimination” is an important way for non-state ifrms to avoid ifnancing constraints and realize sustainable development, but they have to be more cautious that they should not learn the foreign mode of with blindness, the right thing that they may do is to carry out the integration of industrial-ifnance capital strategy based on their own characteristics, and achieve the mode of “Produced by Industry to Finance, Assisted by Finance for Industry, Industry and ifnance is matched”.