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　　本报北京讯（记者袁国铭）本报今日刊发国务院发展研究中心金融研究所研究员郑醒尘的文章，指出产融结合发展，特别是基于长远战略考虑的产融协同活动反映了企业经营的内在需求，是企业通过构建独特优势应对市场激烈竞争的重要手段。

Our newspaper Beijing -(Reporter YuanGuoMing)This newspaper published today development research center of the state council financial research institute researcher zheng up dust articles,Pointed out that production with harmony development,Especially based on long-term strategic thinking yield melt collaborative activities reflect the business enterprise internal demand,Is the enterprise by constructing unique advantages to cope with the market competition the important means.

　　文章认为，当前，产业资本与金融资本的有机融合方兴未艾，产业资本进入金融领域，一方面反映了经济发展的内在需求；另一方面也是企业应对市场化变化和竞争加剧的重要手段。因此，切实有效的产融结合活动具有范围效应、协同效应、规模效应、分散风险等积极经济效应，有助于企业降低经营成本，形成绝对竞争优势。

The article thinks that the,The current,Industrial capital and financial capital of the organic fusion is in the ascendant,Industrial capital into the financial sector,On the one hand reflects the economic development intrinsic demand;On the other hand is also enterprise to market changes and an important means of competition.therefore,Practical and effective production melt combined with activity has range effect/Synergistic effect/Scale effect/Spread risk positive economic effect,Help enterprises to reduce operating costs,Form absolute competitive advantage.

　　同时，由于我国产融结合尚处于探索阶段，产业资本进入金融领域存在两种趋向：一是追求短期利益的产融结合，意图通过对金融业的渗透，获取高于产业投资的收益，或者在融资方面获得更多的便利；二是企业集团内部的金融机构沿主业的产业链提供配套服务，使集团内金融服务与产业优势得到整合，充分反映了银行服务回归实体经济的内在要求。

At the same time,Because of my domestic with harmony is still placed in the exploring stage,Industrial capital into the financial sector there are two kind of tendency:One is the pursuit of short-term interests harmony combined with production,Intention through the infiltration of the financial industry,Get higher than industrial investment income,Or in the financing issues get more convenient;The second is the enterprise group's internal financial institutions mainly along the industrial chain to provide supporting services,Within the group financial services and industrial superiority obtains the integration,Fully reflect the bank service return the inherent requirement of the real economy.

　　此外，文章还全面分析了我国产业资本进入金融领域过程中存在的问题。一是，产融结合形成了复杂的股权结构和利益关联机制，在产生积极效应的同时，也容易产生企业负债比率上升、内部风险传递等新问题。特别是在金融控股公司的相关法律不健全情况下，可能衍生系统性风险。二是，金融管制在相当程度上抑制了产融协同的合理发展。

In addition,The paper also analyzes the comprehensive industrial capital into the financial sector of the problems existing in the process.One is,Combined with production melts to form the complex structure of stock right and interests correlation mechanism,In the positive effect at the same time,Also easy to produce enterprise debt ratio rise/Internal risk transfer and other new problems.Especially in financial holding company related law does not improve the situation,Possibly derived systemic risk.The second is,Financial control to a considerable degree, in inhibiting the production melt together as a reasonable development.

　　文章最后建议，要逐步健全法律法规，规范产融结合活动；强化对国有资本进入金融业的指导，规范企业运作；适度放松金融管制，支持产融协同发展。 （详见今日5版）

Finally, Suggestions,To build step by step a sound legal laws and regulations,Standard production melt combined with activity;Strengthen state-owned capital into the financial industry guidance,Standardize enterprise operation;Moderate relax financial control,Support production the coordinated development of harmony. (See this day 5 edition)