“产融结合”是近年来国内企业尤其是大型企业集团追逐的目标。在膨胀的资产负债表支持下,不少企业集团除了直接投资于股票、债券等证券市场外,还控股或参股了不少金融机构,范围涵盖银行、信托、保险、证券、租赁等多种金融业务,甚至不少企业集团由此组建了金融板块(金融投资公司或资本服务公司)。有实力的企业(集团)投资于不同的金融资产或金融机构股权以获取投资收益,是不是产融结合?为什么这类看似有利于股东利益的举措却遭到市场质疑?本文基于资产 “Integration of production and financing ” is the target pursued by domestic enterprises, especially large enterprise groups in recent years. Supported by the expanded balance sheet, many enterprise groups, in addition to directly investing in equities and bonds and other securities markets, also hold or hold a number of financial institutions covering a wide range of financial sectors such as banking, trust, insurance, securities and leasing Business, and even many enterprise groups formed the financial sector (financial investment company or capital services company). Whether powerful enterprises (groups) invest in different financial assets or financial institutions’ equity in order to obtain investment returns is not a combination of industry and finance, and why such measures that appear to be beneficial to the interests of shareholders have been questioned by the market?