“系族企业”内部资本市场有效率吗?——基于鸿仪系的案例研究  

Are the Capital Markets of the Internal Capital of the "Level-by-level-Holding Companies" are Efficient?——A Study Based Hongyi's Series of Corporations

作　　者：邵军[1] 刘志远[2] 

机构地区：[1]上海立信会计学院 [2]南开大学商学院

出　　处：《管理世界》2007年第6期114-121,共8页Journal of Management World

摘　　要：本文运用案例分析法,对鸿仪系内部资本市场的效率进行了深入地研究。研究结果表明,鸿仪系通过内部资本市场,频繁地进行着内部资本配置。在配置内部资本时,效率的原则服从于最终控制人的"战略"需要。鸿仪系内部资本配置是无效率的。本文认为,系族企业内部资本市场的运作应该引起人们的高度重视。同时应该加强对系族企业内部配置资本行为的监督,强化控股股东的责任,提高内部资本市场配置效率。本案例研究的发现可以为未来大样本的实证研究提供一定的线索。Using an empirical study,We have carried out a comprehensive research on the efficiency of the internal capital market (ICM) of Hongyi 'Corporations-In-grade'. The result of our exploration indicates that Hongyi Class-corporations have frequently allocated their internal capital and in the meantime they have made the efficiency principle be subject to the 'Strategic' Need of the ultimate leading controller,and that ineffective is Hongyi's internal capital allocation. In our opinion,keen attention should be paid to the operation of the ICM of Grade-corporations; the supervision of capital allocation within gradation-corporations should be tightened; the responsibilities rested on shareholders of controlling companies should be stressed and strengthened in order to increase the efficiency of the ICM allocation. The findings made in this case study can provide some clues to future large-scale empirical studies.

关 键 词：系族企业 最终控制人 内部资本市场 配置效率 

分 类 号：F276.5[经济管理—企业管理] F832.51[经济管理—国民经济]