论文标题:国有企业集团内部资本市场效率的影响因素研究
The Research on Influence Factors of Internal Capital Markets" Efficiency in Chinese State-Owned Business Groups
论文作者
论文导师 冯丽霞,论文学位 硕士,论文专业 会计学
论文单位 长沙理工大学,点击次数 67,论文页数 83页File Size2443K
2007-05-01论文网 http://www.lw23.com/lunwen_411224542/
state-owned enterprise group ;; internal capital markets;; efficiency;; influence factors
内部资本市场是对企业集团财务资源进行整合和重新配置的场所,其本质是市场行为内部化,它具有减少企业与外部资本市场之间的信息和激励摩擦、降低筹资成本和提高财务资源配置效率的功能,内部资本市场运作效率的高低在一定程度上决定集团优势能否得到充分发挥。已有研究成果多集中在对多元化企业集团内部资本市场资源分配特征、效率等问题的分析,本文选择经济转型期的国有企业集团作为研究对象,与已有研究对象相比,国有企业集团在产权属性、所处的经济政治背景、投资特征等方面有自身的特点,以分析这些差异化的特点为起点,来考察我国国有企业集团内部资本市场的效率及其影响因素。 以企业委托代理理论和企业集团内部资本配置理论作为本文的理论基础。首先,借鉴委托代理理论提出了国有企业集团的委托代理机制,这种委托代理关系的多层次性和复杂性所导致的多层代理问题将引发各种寻租行为、控股股东对中小股东的利益掠夺行为;分析了企业集团内部资本配置理论对国有企业集团内部资本市场效率研究的启示。然后,结合内部资本市场资源配置方式和国有产权特性的影响,分析了国有企业集团内部资本市场效率的涵义、国有产权特性及政治特性对内部资本市场效率的影响,并结合其他影响因素,建立了内部资本市场效率影响因素的综合模型。最后,通过选取适当的样本和指标对国有企业集团内部资本市场效率及其影响因素进行了实证检验,并根据前文的分析结论,提出通过采取适当措施来降低两类代理成本、完善财务公司投融资功能,以提高国有企业集团内部资本市场运作效率。
Internal capital markets (ICM) is the place in which business groups’financial resource is incorporated and re-allocated, and its essence is an inner market behavior. ICM has the function of reducing the information problems and inspiration conflicts between the enterprise and external capital markets (ECM), reducing the financing cost and improving the financial resources’allocate efficiency. The operating efficiency of ICM decides whether the enterprise groups’advantage can be exerted adequately. Present literatures are main concerned on the resources allocate characteristic and efficiency of ICM in diversified enterprise groups. This paper chooses the state-owned business groups in Chinese transition economy as the research object. Compared with the present research object, state-owned business groups have their own property right characteristics, economic and political environment, invest characteristics. Started from the different characteristics, this paper reviews the efficiency and the efficiency’s influence factors of ICM in Chinese state-owned business groups. The principal-agency theory and enterprise groups’internal capital allocation theory are the basic theories of this paper. First, we put forward principal-agency mechanism in stated-owned enterprise groups by using principal-agency theory for reference. The multi-level and complexity of the mechanism will solicit kinds of rent-seeking behaviors and holding shareholders’expropriation to minority shareholders. We analyze the enlightenment for this paper’s research from the enterprise groups’internal capital allocation theory. Then we analyze the influence both from resource allocation way in ICM and the state-owned property right characteristics. According to these influence, we analyze the meaning of ICM’efficiency in state-owned business groups, and analyze the efficiency’s influence factors from state-owned property right and political characteristics. By combining with other influence factors, the paper establishes a comprehensive model including all the influence factors. At last, by choosing proper samples and indexes, we make empirical tests to do researches on the efficiency and efficiency’s influence factors of ICM. According to above analytic conclusion, we propose that by taking proper measures to reduce the two kinds of agent costs and to make the finance companies’financing and investing function more perfect. Thereby the operating efficiency of ICM in state-owned enterprise can be promoted.
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