摘要
内部资本市场的研究大多关注存在性和效率问题,对内部资本市场有效性的影响因素关注较少。在投资-现金流的分析框架下,以2009—2012年沪深两市的上市公司及其附属集团为研究对象,构建企业投资加速模型,从组织结构的角度研究影响内部资本市场有效性的因素。研究结论显示:一方面,我国企业集团的内部资本市场是有效的,国有企业集团内部资本市场的有效性强于非国有企业集团;另一方面,集团所有权对内部资本市场有效性的影响不显著,但财务公司的设立对提升内部资本市场的有效性起了积极的促进作用,非国有企业集团财务公司的职能实现比国有企业集团更加有效。
Researches on internal capital market are mostly concerned about its existence and efficiency, and the factors affecting the effectiveness of internal capital market receive much less attention. Choosing a dynamic panel data of listed companies affiliated to domestic business groups during 2009—2012 as a sample, this paper extends empirical tests on the factors affecting the effectiveness of internal capital markets from the perspective of the group＇s ownership as well as organizational structure, based on the construction of an accelerator model of investment under the investments- cash flow framework. Conclusions have been reached that, on one hand, domestic internal capital markets in domestic business groups are effective as a whole and those of state-owned group are more effective, on the other hand, group＇s ownership does not exert a significant influence on the ICM＇s effectiveness, while the foundation of financial company plays a positive role and those of state-owned groups realize more fully functional and effective.
出处
《中南大学学报（社会科学版）》
CSSCI
2014年第5期179-184,共6页
Journal of Central South University：Social Sciences
基金
国家自然科学基金项目(71173241)
教育部新世纪优秀人才支持计划(CET-10-0830)资助
关键词
企业集团
内部资本市场
有效性
所有权
财务公司
business group
internal capital market
effectiveness
ownership
financial company
