内部资本市场功能异化的案例分析.pdfVIP

Abstract Internal Capital Market ICM is a kind of capital allocation mechanism in the diversified and multidivisional conglomerates or business groups. Because of imperfect corporate governance and severe agency problem of enterprises in China, these will have a negative effect on internal capital market. 999 Group’s, Delong Group’s and Hongyi Group’s internal capital market which is defeated by corporate governance and supervision appeared in Chinese securities market. This practic