iii 摘要 近年来，我国坚持以推进供给侧结构性改革为主线，着重强调振兴实体经济 是重要任务之一，并在“三去一降一补”方面取得了较为显著的成效。但金融领 域存在的资金脱实向虚问题，脱离了国家振兴实体经济的目标，使得产融结合的 发展一度面临瓶颈。产融结合指的是产业资本与金融资本相互合作，互惠共赢； 实现的方式是以股权关系为桥梁，通过参股、控股和人事参与等方式进行结合。 在经济高质量发展背景下，新旧动能正在加快转换。如何深化产融结合、让金融 更好地服务于实体经济、助推经济结构转型升级、孕育引领经济发展的新动能， 成为各界讨论的热点话题。 回顾以往研究，国内外学者对于产融结合的研究都是从较大范围和视角对各 个行业和产业结合起来进行研究。本文从微观层面探究产融结合对企业创新的影 响，即以航天科技集团为研究问对象，通过其产融结合对企业创新影响的理论分 析和具体实践检验来证明产融结合对企业创新的影响。 本文运用文献法对产融结合与企业创新的理论进行综合的梳理，运用访谈法 对案例企业的产融结合相关负责人员进行全面的资料收集与分析；运用财务指标 分析法和案例分析法，对案例企业的相关产融结合的财务数据进行大量的收集合 和分析。从产融结合定义、产融结合主体与融合方式、产融结合的发展模式对相 关概念进行界定；从资源基础理论、内部资本市场理论、多元经营理论、交易成 本理论对产融结合对企业创新影响的理论进行总结与分析；从产融结合对企业创 新的重要性、产融结合发展的动因分析、产融结合影响企业创新的路径三方面对 产融结合对企业创新影响的理论进行分析；以航天科技的产融结合为例分析其影 响企业创新的因素，从产融结合对研发投入的影响、产融结合对创新产出的影响、 产融结合影响企业研发创新的作用机制分析、产融结合影响企业研发创新的经济 后果分析四方面进行分析。 本文发现航天科技集团的研发活动是一个长期的投入过程，对于资金的需求 不断提升，制造型企业在经营主营业务变得步履艰难的情况下，逐渐向利润率较 高的金融行业渗透，从而使产融结合型企业与其他企业相比，能够更好地配置资 源，以保证企业研发活动的顺利进行。产融结合高效的资金利用率和周转率保证 了充足的不间断的研发投入，从而促进了创新产出的质量和数量。 总而言之，本文分析了产融结合对企业创新的影响。产融结合有助于缓解企 业研发创新的融资约束、有利于企业研发创新能力的增长以及缓解融资约束对创 新研发的抑制作用，进一步丰富和完善了相关领域的研究文献，为其他今后想要 以产融结合促进企业创新的企业提供了借鉴。 北京交通大学硕士专业学位论文 摘要 iv 关键词：产融结合；企业创新；航天科技 北京交通大学硕士专业学位论文 ABSTRACT v ABSTRACT In recent years, our country insists on promoting the supply side structural reform as the main line, emphasizes that revitalizing the real economy is one of the important tasks, and has made remarkable achievements in "three go, one drop and one supplement". However, the problem that the capital in the financial field is out of the real and out of the virtual, which is out of the goal of the country to revitalize the real economy, makes the development of the combination of industry and finance once face a bottleneck. The combination of industry and finance refers to the mutual cooperation between industrial capital and financial capital, mutual benefit and win-win situation; the way to achieve this is to take the equity relationship as a bridge, and combine it by means of equity participation, holding and personnel participation. In the context of high-quality economic development, the new and old driving forces are accelerating the transformation. How to deepen the integration of industry and finance, make finance better serve the real economy, boost the transformation and upgrading of economic structure, and nurture new driving forces for economic development has become a hot topic of discussion. Looking back on the previous studies, scholars at home and abroad have studied the combination of industry and finance from a wide range and perspective. This paper explores the impact of industry finance integration on enterprise innovation from the micro level, that is, taking Aerospace Science and technology group as the research object, through the theoretical analysis and practical test of the impact of industry finance integration on enterprise innovation, to prove the impact of industry finance integration on enterprise innovation. In this paper, literature method is used to sort out the theory of industry finance integration and enterprise innovation, interview method is used to collect and analyze the relevant personnel in charge of the case company's industry finance integration; financial index analysis method and case analysis method are used to collect and analyze a large number of financial data related to the case company's industry finance integration.From the definition of the combination of industry and finance, the main body of the combination of industry and finance and the development mode of the combination of industry and finance, the relevant concepts are defined; from the resource-based theory, the theory of internal capital market, the theory of diversified 北京交通大学硕士专业学位论文 ABSTRACT vi operation, the theory of transaction cost, the impact of the combination of industry and Finance on enterprise innovation is summarized and analyzed;From the three aspects of the importance of the combination of industry and finance to enterprise innovation, the motivation analysis of the development of the combination of industry and finance, and the path of the combination of industry and finance influencing enterprise innovation, this paper analyzes the theory of the influence of the combination of industry and Finance on Enterprise Innovation;Taking the industry finance combination of Aerospace Science and technology as an example, this paper analyzes the factors that affect enterprise innovation from four aspects: the impact of industry finance combination on R & D investment, the impact of industry finance combination on innovation output, the mechanism of industry finance combination on Enterprise R & D innovation, and the economic consequences of industry finance combination on Enterprise R & D innovation. This paper finds that the R & D activities of Aerospace Science and technology group are a long-term investment process. With the increasing demand for capital, manufacturing enterprises are gradually infiltrating into the financial industry with high profit margin when it becomes difficult to operate the main business. Thus, compared with other enterprises, the industry finance combined enterprises can better allocate resources to ensure the smooth R & D activities of enterprises Easy to carry out. The combination of industry and Finance with efficient capital utilization and turnover ensures sufficient and uninterrupted R & D investment, thus promoting the quality and quantity of innovation output. All in all, this paper analyzes the impact of the combination of industry and Finance on enterprise innovation. The combination of industry and finance is helpful to alleviate the financing constraints of R & D innovation, the growth of R & D innovation ability of enterprises and the inhibition of financing constraints on innovative R & D, further enriching and improving the research literature in related fields, and providing reference for other enterprises that want to promote enterprise innovation with the combination of industry and finance in the future. KEYWORDS：combination of industry and finance； enterprise innovation； aerospace technology 北京交通大学硕士专业学位论文 目录 vii 目录 摘要 ............................................................ III ABSTRACT .......................................................... V 1 引言 ........................................................... 1 1.1选题背景与研究问题 ......................................... 1 1.1.1选题背景 ............................................... 1 1.1.2研究问题 ............................................... 1 1.2 本文研究视角 ............................................... 2 1.3 研究意义与分析方法 ......................................... 2 1.3.1研究意义 ............................................... 2 1.3.2分析方法 ............................................... 2 1.4研究思路、内容与框架 ....................................... 3 1.4.1研究