总部—分部财权集中度、多元化相关度与内部资本市场效率  

Headquarter-division Financial Right,Diversification Correlation and Internal Capital Market Efficiency

作　　者：张学伟[1,2] 陈良华[1] 

机构地区：[1]东南大学经济管理学院,江苏南京211189 [2]常熟理工学院管理学院,江苏常熟215500

出　　处：《西安财经学院学报》2013年第3期21-27,共7页Journal of Xi’an University of Finance & Economics

基　　金：国家社科基金项目(11BGL022);教育部新世纪优秀人才支持计划项目(NCET-11-0890)

摘　　要：总部—分部财权集中度和多元化相关度对内部资本市场效率的影响一直存在争论。文章利用了A股上市公司分部面板数据,测算了内部资本市场效率。选取了总部-分部财权配置和多元化相关度的替代指标,检验总部—分部财权配置和多元化相关度变动如何影响内部资本市场效率。研究发现:总部—分部财权配置集中度和多元化相关度与内部资本效率都呈倒U型关系,即:总部过度集权和分权都会对内部资本效率产生不利影响;多元化高度相关和高度不相关都对内部资本市场效率带来负面作用。多元化企业应该采用适度财权集中程度和多元化相关度。There is a great debate on how the headquarter-division financial right and diversification correla- tion affect the efficiency of internal capital market, using panel data of A listed companies divisions in Chi- na, the paper compute internal capital market efficiency and analyze its impacting factors. Chosing proper proxies of headquarter-division financial right and diversification correlation, we test how the two factors affect internal capital market efficiency. We find that the relationships between internal capital market effi- ciency and the two factors both are Kuznets curve. The result shows： First,Too centralization or decen- tralization of Headquarter brings adverse effect to internal capital market;Second, Too correlated or uncor- related diversification is negative to internal capital market.

关 键 词：内部资本市场 财权集中度 多元化相关度 

分 类 号：F830.9[经济管理—金融学]