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| The Internal Logic, Key Issues and Institutional Approach of Constructing the “Firewall” of Industrial Capital and Financial Capital |
| LIU Zhao-hui |
| College of Marxism, Nanjing Institute of Technology, Nanjing, Jiangsu, 211167 |
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Abstract The combination of industry and finance is the basic trend and an important feature of the development of the modern market economy, and it is also the inevitable result of industrial structure optimization transformation and upgrading. In the process of promoting the integration of industry and finance, it is necessary to follow the logic of risk governance, standardized operation, coordinated development and value creation, and set up relevant restrictive and prohibitive measures for the development of industrial capital and financial capital, to establish and improve the “firewall” system, aiming to prevent the potential financial leverage risk, operation and management risk, internal connected transaction risk and the moral hazard of market players. Due to the differences between industrial capital and financial capital in target demands, risk preference, business rules, operation mode, decision-making mechanism and interest distribution, the setting of a “firewall” faces many difficulties in regulatory coordination, interest balance, risk assessment and system implementation. To further optimize the ecology of combining industry and finance, strengthen the standardized management of industrial capital and financial capital, guide financial capital to reasonably serve the real economy, and promote the efficient operation and innovative development of industrial capital, we should reasonably set up a “firewall” in key links such as corporate governance, information transmission, business operation, personnel arrangement, and capital flow, and build a full chain capital governance system that integrates pre guidance, in-process prevention, and post-supervision, to promote capital to better play its positive role in organizing factors of production, allocating means of production, and promoting production development.
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Received: 17 October 2024
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2024, Vol. 41 
