论文标题:内部资本市场配置效率的实证分析
An Empirical Study on the Efficiency of Internal Capital Market
论文作者
论文导师 温晓芳,论文学位 硕士,论文专业 金融学
论文单位 对外经济贸易大学,点击次数 86,论文页数 29页File Size541k
2006-04-01论文网 http://www.lw23.com/lunwen_70471327/
Internal Capital Market;Efficiency;Diversified Management
内部资本市场的主要功能是在内部融通资金,其目的在于提高企业的资源配置效率。从某种角度来说,内部资本市场是外部资本市场在企业内部的延伸和替代。西方学者一般认为,在外部资本市场不完善的情况下,内部资本市场的作用更大。本文尝试以中国的高新技术企业为研究对象对上述理论进行实证检验。由于我国的上市公司没有提供详细的分行业财务数据,所以本文选择与国外常用测量方法不同的方式建立数学模型,分析公司同外部资本市场的现金流状况对内部资源配置效率的影响,而不需要直接考察各经营单元间详细的转移支付。实证分析发现:在参与检验的样本中,多元化程度与公司同外部资本市场的现金流入和现金流出呈负相关,即多元化程度高的公司同外部资本市场的融资交流少,说明内部资本市场可能较为有效。由此得出结论,目前我国外部资本市场尚不发达,无法充分发挥资源配置的功能,投资机会相对较好的高新技术公司就倾向于选择多元化经营战略,利用内部资本市场达到创造更多财富的目标。
The main function of Internal Capital Market is to allocate financial resources insidethe company in a more efficient way. To some extent, Internal Capital Market is theextension and substitution of External Capital Market. It"s well-known in westernacademe that the influence of Internal Capital Market is more evident while ExternalCapital Market is less developed. The thesis verifies the forenamed theory using theevidence from High-tech Industries in China. Comparing with the usual researchmethod adopted by foreign scholars, the thesis makes use of a different model to dothe empirical analysis considering special conditions of Chinese stock market. Andthe result indicates that there is less exchange between External Capital Market andthe company when this company is more diversified. The study comes up with theconclusion that companies having good investment opportunity of High-techIndustries prefer to be diversified and impose Internal Capital Market to achievesuccess because External Capital Market is so poor that it couldn"t exert the functionof allocating resources perfectly.
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