Abstract： The integration of military and civilian development in the military industry involves the property rights market and the capital market. The two promote each other in parallel. To adapt to the requirements of modern capital market and modern property rights market， it is necessary to improve the pversified multi-level investment chain and the industrial chain of full-cycle management， to do a good job in the cooperation of investment chain and industrial chain， and to promote the deep development of military-civilian integration in the military industry with the combination of industry and finance.

Key words： military industry;military-civilian integration;integration of industry and finance

0 引言

军工产业军民融合进步可以从产权市场和资本市场两个层面对照剖析。在产权市场上通过产业链管理，体现商品价值形态，在资本市场上通过价值链管理，体现资本价值形态。这两个层面并行推进、相互促进、紧密联动，确定了军工产业军民融合进步的主要路径。从产权市场来看，目前军工企业着力深化股份制改造，优化企业股权结构;健全产业布局，积极拓展项目孵化培育和并购回收业务，进行产业链优化整理;改进企业治理结构，使用公私合作（PPP）、有限合伙等以股权为纽带的军地合作模式，提高整体治理效能。从资本市场来看，军地之间设立多层多元的军民融合产业投资体系，形成完整的投资链条，参与军工产业项目孵化、培育、成长和退出的管理;军地投资运营机构广泛拓展股权投资，引导各类资本推行军工产业参股、并购、重组业务，提高投资整体效能;通过股权出售、整体上市等方法促进军薪资产证券化，使军工产业股权在军地之间双向流动。可见，军工产业资本市场的投资链管理与产权市场的产业链管理是内在一致、缺一不可的，应当以产融结合方法推进军工产业军民融合进步。