论内部资本市场对企业价值的影响.pdf

摘 要 摘 要 基于内部资本市场已有理论，本文通过实证研究，针对内部资本市场对企 业价值的影响进行了分析。得出如下结论：一，通过现金流敏感性模型的数据 得出，我国上市公司内部资本市场配置效率并不高，仅有一半左右的上市公司 内部资本市场的配置效率是符合预期的；内部资本市场对企业有一定的增值作 用，这与国内学者研究结论基本一致。二，内部金融中介与内部资本市场企业 相对价值正相关，这意味着内部金融中介确实能提高内部资本市场的配置效率， 表明在我国企业集团中的资金池、结算中心或财务公司发挥了一定的积极作用， 内部金融中介通过统一融资，降低了交易成本，提高了企业的对外议价能力， 发挥了企业内部监督的作用，有利于企业价值的增加。三，企业规模、多元化 程度与内部资本市场企业相对价值整体是正相关的，企业规模越大，更有利于 激发内部金融中介发挥作用，内部资本市场的配置效率则更高；上市公司多元 化程度越高，也更有利于提高内部资本市场的配置效率，企业也更能增值。 关键词：上市公司；内部资本市场；企业价值；配置效率 II 万方数据 ABSTRACT ABSTRACT Based on the theory of internal capital markets and the empirical research method, this article make researches on the effect of internal capital markets on the value of enterprises. The results of this article are as follows: First, according to the cash flow-sensitivity calculation method, the resource allocations in internal capital markets is not so much efficient, at present, in our country there is only half of the listed companies which have effective allocations of internal capital markets, the internal capital markets can make a good influence on the rising value for enterprises to some extent, this conclusions are basically consistent with the conclusions from the domestic scholars. Second, the internal financial intermediaries are positively correlated with the relative value of enterprise which the internal capital markets exist. The existence of the internal financial intermediaries can really improve the allocative efficiency of internal capital markets, this shows that the finance companies during the ente