企业集团内部资本市场的存在性与效率性  

The Existence and Efficiency of the ICM in Business Group——Empirical evidence Based on Chinese Faction Enterprises

作　　者：杨棉之[1,2] 孙健[1,2] 卢闯[1,2] 

机构地区：[1]安徽大学工商管理学院,230039 [2]中央财经大学会计学院,100081

出　　处：《会计研究》2010年第4期50-56,共7页Accounting Research

基　　金：王化成教授主持的国家自然科学基金项目<内部资本市场运作配置效率与盈余质量>(编号:70872106)的阶段性研究成果;杨棉之主持的教育部人文社科青年基金项目<企业并购内部资本市场运作与经济后果>(编号:09YJC630002)的资助

摘　　要：国内外的研究表明企业集团普遍存在,尤其是在新兴市场经济国家。企业集团以集团总部为核心,通过内部资本市场在分部(成员企业)之间进行资源配置。目前国内关于内部资本市场的研究集中关注内部资本市场对于缓解企业融资约束方面的功能,尚缺乏企业集团内部资本市场资源配置功能的经验证据。本文以2006-2007年沪深两市的系族企业为研究对象,探讨我国企业集团内部资本市场的存在性与效率性。本文的研究结论表明:一方面,无论是国有还是民营企业集团,普遍存在着活跃的内部资本市场;另一方面,企业集团内部资本市场的配置效率普遍不高,并且民营企业集团的内部资本市场的配置效率要显著低于国有企业集团。Previous research shows that business groups exist in many countries,especially in emerging nations.Business groups allocate resource among the different segments by the internal capital market(ICM).While researches on ICM focus on the relief of financial constraint,there is few empirical evidence on the existence and efficiency of ICM in China.This paper uses faction companies listed in Shanghai and Shenzhen securities exchange to explore the existence and efficiency of ICM during 2006-2007 and draws on the following conclusions.First,there is an active ICM in both state-owned and non state-owned business groups.Second,in both state-owned and non state-owned business groups the allocate efficiency of ICM is low,especially the efficiency of ICM in the non state-owned business groups is significantly lower than the state-owned ones.

关 键 词：内部资本市场 企业集团 配置效率 系族企业 

分 类 号：F275[经济管理—企业管理]