随着国内外企业产融结合发展的深入,产融结合模式演化问题已经成为产融结合研究的重点之一。本文依据国内外企业产融结合实践,对产融结合模式的演化历程进行了分析和总结,并基于商业模式冰山理论与资源基础理论,将产融结合的隐性知识概括为3个维度:社会关系网络、协作机制和科技水平。结合美国通用电气公司(GE)、联想控股的产融实践,本文分析了国内外企业产融结合模式与外部环境的匹配性,并基于这两个案例的产融结合模式对比,特别是在隐性知识方面的差异,建议国内生产导向型企业聚焦主业相关多元化,采取渐进策略实现产融结合,降低跨越式转型风险。
Abstract: With the rapid development of industry-finance integration, the evolution of the mode of combining industry and finance has become one of the focuses of the study of industry-finance integration. Based on the resource- based theory and the iceberg theory used in the business model analysis, the tacit knowledge of industry-finance integration can be summed up as three dimensions: social relations network, collaboration mechanism and technology level. Taking the GE and Legend Holdings as examples, this paper finds that the mode of industry-finance integration need be matched with the external environments. Based on the differences of the two cases, especially at the aspect of tacit knowledge, we suggest domestic production-oriented enterprises focus on the related diversification around the main business, and adopt a progressive strategy which could reduce the risk of leapfrog transition when they want to achieve industry-finance integration.