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  本文關(guān)鍵詞：我國A股上市公司內(nèi)部資本市場效率研究　出處：《揚州大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 內(nèi)部資本市場 效率 上市公司

【摘要】：在我國,企業(yè)集團已經(jīng)成為普遍存在的組織形式,并成為國民經(jīng)濟最重要的組成部分。企業(yè)集團的資本配置需要經(jīng)過外部、內(nèi)部兩個資本市場。社會資本先通過外部資本市場把資本配置到不同形態(tài)的企業(yè),企業(yè)再通過內(nèi)部資本市場將資本配置到各分部或子公司,從而進一步配置給各投資項目。正如社會資本配置效率是經(jīng)濟學(xué)研究的核心問題一樣,內(nèi)部資本配置效率是公司金融的核心問題。然而對資本配置效率的研究長期以來集中在外部資本市場,而對內(nèi)部資本市場效率研究較少。再加上很難獲得研究我國內(nèi)部資本市場效率所需要的分部信息,對我國內(nèi)部資本市場效率的研究還沒有擴展到上市公司中最具代表性的A股上市公司。近幾年,我國上市公司年報對分部數(shù)據(jù)的披露日趨完善,已經(jīng)有許多A股上市公司提供研究內(nèi)部資本市場效率所需要的分部數(shù)據(jù)。因此本文以我國A股上市公司為研究對象,對我國A股上市公司內(nèi)部資本市場效率進行評價,分析影響內(nèi)部資本市場效率的主要因素,提出改善內(nèi)部資本市場效率的政策建議。 本文對內(nèi)部資本市場的基本內(nèi)涵進行了闡述,對企業(yè)集團和上市公司的內(nèi)部資本市場特征進行了總結(jié)。在國內(nèi)外學(xué)者研究的基礎(chǔ)上對內(nèi)部資本市場效率實證測度模型進行了修改和驗證,并用修正后的模型評價了我國A股上市公司內(nèi)部資本市場效率。隨后分析了影響內(nèi)部資本市場效率的外部因素與內(nèi)部因素,構(gòu)建了內(nèi)部資本市場效率影響因素的系統(tǒng)框架,并從公司治理、多元化、內(nèi)部資本、內(nèi)部金融中介四個方面對內(nèi)部資本市場效率的影響因素進行了實證研究。研究結(jié)果顯示,控制權(quán)、現(xiàn)金流權(quán)與內(nèi)部資本市場效率正相關(guān),也就是說在外部市場約束較小的情況下,集中持股可以提高資源配置效率；控制權(quán)與現(xiàn)金流權(quán)分離系數(shù)與內(nèi)部資本市場效率無顯著相關(guān)性,說明控制權(quán)與現(xiàn)金流權(quán)分離并沒有導(dǎo)致上市公司資源配置效率低下；終極股東性質(zhì)與內(nèi)部資本市場效率負相關(guān),說明政府持股企業(yè)資源配置效率較低；董事會各特征和高管持股水平與內(nèi)部資本市場效率無顯著相關(guān)性,說明我國上市公司的高管層在資源配置過程中作用有限；多元化水平、內(nèi)部資本市場規(guī)模和內(nèi)部金融中介都與內(nèi)部資本市場效率正相關(guān),也就是說多元化經(jīng)營的大企業(yè)資源配置優(yōu)勢明顯,企業(yè)設(shè)立內(nèi)部金融中介有利于提高資源配置效率。根據(jù)實證結(jié)果,本文從上市公司高層建設(shè)、分部建設(shè)、內(nèi)部資本市場規(guī)模、內(nèi)部金融中介建設(shè)和內(nèi)部資源配置機制建設(shè)五個方面提出了構(gòu)建有效內(nèi)部資本市場的建議。
[Abstract]:In our country, the enterprise group has already become a popular organization forms, and become the most important part of the national economy. The capital allocation requires external, internal capital market. Two social capital through the external capital market the capital allocation to different forms of enterprises, enterprises and the allocation of capital to the branch or subsidiary company through the internal capital market, thus further allocated to various investment projects. As social capital allocation efficiency is the core issue of economics, the internal capital allocation efficiency is the core issue of corporate finance. However, the efficiency of capital allocation research has long focused on the external capital market, and the efficiency of internal capital market is less. Plus it is difficult to obtain the segment information of study on the efficiency of China's internal capital market needs, research on the efficiency of internal capital market in China is not Extended to the listed company in the most representative of the A shares of listed companies. In recent years, China's listed company's annual report on the disclosure of segment data is becoming more perfect, there have been many A shares of listed companies to provide data on the efficiency of internal capital market need. Therefore, China's A shares of listed companies as the research object, to evaluate the efficiency of internal capital market in China A shares of listed companies, analyses the main factors influencing the efficiency of internal capital market, improve the efficiency of internal capital market policy recommendations.
In this paper, the basic connotation of internal capital market are discussed, characteristics of the internal capital market of enterprise groups and listed companies are summarized. Based on the research of domestic and foreign scholars on the modification and verification of the internal capital market efficiency empirical measure model, and evaluates the efficiency of internal capital market in China A shares of listed companies by the modified the model. Then analyze the external factors affecting the efficiency of internal capital market and internal factors, constructs the system framework of the factors of internal capital market efficiency, and from internal corporate governance, diversification, capital, four aspects of internal financial intermediation impact on internal capital market efficiency factor of the empirical research. The results showed that the control right, cash flow right and the efficiency of internal capital markets are related, that is to say in the external market constraints under the condition of low concentration of shareholding can raise capital Efficiency of resource allocation; the control rights and cash flow rights separation coefficient and the efficiency of internal capital markets showed no significant correlation between control right and cash flow right does not lead to inefficient allocation of resources of listed companies; the ultimate shareholder and the efficiency of internal capital market allocation efficiency shows negative correlation, the government shareholding enterprise resources is low; the board of directors has no significant the correlation between the characteristics and managerial ownership level and the efficiency of internal capital markets, that executives of Listed Companies in China in the process of resource allocation in a limited role; diversification level, the scale of internal capital market and internal financial intermediaries are positively correlated with the efficiency of internal capital market, that is to say the advantage of large enterprise resource allocation diversification, enterprises the establishment of internal financial intermediation is conducive to improving the efficiency of resource allocation. According to the empirical results, this paper from the high-rise construction companies, construction division The proposal of building an effective internal capital market is put forward in five aspects: the scale of the internal capital market, the construction of internal financial intermediaries and the construction of the internal resource allocation mechanism.

【學(xué)位授予單位】：揚州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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