产融结合是产业部门和金融部门通过互相参股、持股、控股和人事参与等方式实 现资源的充分利用和整体效益显著提高的经济机制。西方资本主义国家自 19 世纪末 期开展产融结合以来，产融结合的实践和研究均已经发展得较为成熟。我国的产融结 合也经过 20 多年的发展涌现出了一批开展产融结合的企业。像海尔集团、联想集团、 新希望集团等已成为我国产融结合领域的领军企业。 但是，我国的物流行业中却鲜有企业开展产融结合运作。除了我国物流业起步晚、 整体规模小的原因之外，尚未深刻认识物流行业产融结合的业务优势和找到合适的实 施模式也是重要的因素。本文在了解和掌握我国物流行业产融结合现状的基础上，探 讨了我国物流行业进行产融结合的可行性。本文在分析了我国物流行业产融结合的可 行性的同时，论述了物流行业开展产融结合的业务优势，并且提出了物流行业开展产 融结合的实施模式和未来发展的政策建议，以期达到为我国物流行业进行产融结合提 供借鉴和参考的目的。本文采用理论与实践相结合的基本研究方法，运用西方的经济 学理论、管理学理论和金融学理论，对物流企业产融结合的可行性进行分析，得出我 国物流行业可以进行产融结合的结论并给出实施模式和政策建议。 关键词，物流行业；产融结合；可行性II ABSTRACT The Integration of Industry-Finance Capital (IIFC) has been realized an economic mechanism which can achieve the full utilization of resources and improve overall efficiency significantly through mutual shareholding holding and personal participant between industry sectors and finance sectors. Western capitalist countries have been to carry out the practice and research of IIFC and have been developed more mature since the late 19th century. The IIFC of China has also emerged in a number of companies to carry out the IIFC after 20 years of development. Such as Haier Group, Lenovo Group, New Hope Group, etc., have become my domestic leader in the field of IIFC. However, there are few companies in China's logistics industry to carry out the operation of IIFC. In addition to the reason of China’s logistics industry started late and the overall size is small, not yet a profound understanding of the logistics industry, the Combination's business strengths and to find a suitable implementation of the model are also important factors. In this paper, to understand and grasp the Combination of China's logistics industry, on the basis of the status quo to explore the logistics industry in China to conduct the feasibility of IIFC. In this paper, to understand and grasp the Combination of China's logistics industry, on the basis of the status quo to explore the logistics industry in China to conduct the feasibility of the IIFC. This paper focuses on analysis of the logistics industry to carry out the feasibility and characteristic business advantage of the logistics industry, and provide the IIFC implementation mode of logistics industry to melt combine to provide reference and reference purposes. This paper adopts basic research method of combining theory and practice method, and analysis the feasibility of IIFC in logistics companies by western economic theory, management theory and finance theory, and further more draws an conclusion that implementation in China’s logistics industry is feasible and provides implement model and politics advices. KEY WORDS: logistics industry, the Integration of Industry-Finance Capital (IIFC), Feasibility StudyIII 目录 绪 论 ..................................................................1 1.1 研究背景和研究意义..............................................1 1.2 研究思路和报告框架 ..............................................2 1.3 研究内容和研究方法.............................................3 第二章 产融结合的概念及理论 ...........................................4 2.1 产融结合的概念.................................................4 2.2 产融结合的主要文献综述.........................................4 2.3 产融结合的理论基础.............................................7 2.3.1 金融资本理论 .............................................7 2.3.2 交易费用理论 .............................................8 2.3.3 企业内部化理论 ...........................................9 第三章 国外物流行业产融结合的现状及对我国的启示 ......................10 3.1 国外物流行业产融结合的现状....................................10 3.2 国外现状于我国的启示..........................................11 3.2.1 物流行业发展产融结合具有必要性 ..........................11 3.2.2 物流行业产融结合要与物流业务相结合 ......................12 3.2.3 国家政策的支持和鼓励具有推动作用 ........................12 第四章 我国物流行业发展产融结合的可行性分析及优势判断 ................14 4.1 我国物流行业产融结合的可行性分析..............................14 4.1.1 我国物流行业产融结合的政策条件分析 ......................14 4.1.2 我国物流行业产融结合的资本条件分析 ......................16 4.1.3 我国物流行业产融结合的业务条件分析 ......................17 4.2 我国物流行业产融结合的优势判断................................19 4.2.1 降低交易费用的优势 ......................................20 4.2.2 创新业务模式的优势 ......................................23 第五章 我国物流行业产融结合的模式选择 ................................28 5.1 模式之一，参股、控股银行业金融机构............................28 5.2 模式之二，建立小额贷款公司....................................29 5.3 模式之三，设立集团财务公司....................................30 5.4 案例分析——UPS 产融结合运作 ..................................31 第六章 我国物流行业发展产融结合的政策建议 ............................33 结 论 .................................................................34