多元化相关程度与内部资本市场配置效率研究  

Degree of related diversification and efficiency of internal capital market

作　　者：王惠庆[1] 葛军[1] 马小勇[1] 

机构地区：[1]东南大学经济管理学院,江苏南京211189

出　　处：《东南大学学报（哲学社会科学版）》2015年第3期96-101,148,共7页Journal of Southeast University(Philosophy and Social Science)

基　　金：江苏省教育厅哲社研究重点项目(2013ZDIXM006);国家高校博士点专项基金项目(20120092110060);中央高校基本科研专项资金项目(3214003901)成果之一

摘　　要：内部资本市场是外部资本市场的对称和有效补充,随着全球泛金融化和实业经济多元化经营新浪潮的出现,人们重新关注多元化企业集团的内部资本市场配置效率问题。已有文献在研究分部经理机会主义行为影响内部资本市场配置效率时,隐含着分部之间存在多元化但业务互不相关的假设。本论文重点研究多元化相关程度与内部资本市场关系问题,释放分部业务不相关性假设,研究多元化相关程度是如何影响资金配置效率的,比较相关与不相关多元化战略实施的有效条件。The global pan-financialization and new wave of diversified operation about industrial economy have forced managers to reconsider the efficiency of internal capital market. Literature about the impact of the opportunism behavior ofdivision managers on the efficiency of internal capital market suggests a hypothesis that the business among divisionsis unrelated. This paper studies how the degree of related diversification affects the efficiency of internal capital market without considering the hypothesis of unrelated business and also compares the effective implementation conditions between the related diversification and unrelated diversification strategies.

关 键 词：内部资本市场 多元化相关程度 配置效率 机会主义行为 

分 类 号：F830[经济管理—金融学] F224