王明虎利益形成、分配和内部资本市场效率教育会.docVIP

作者简介 王明虎（1972-），男，安徽省当涂县人，安徽工业大学财务系主任，副教授，2005年上海财经大学会计学专业毕业，获管理学博士学位，研究方向为企业集团财务问题。 通讯地址：安徽省马鞍山市安徽工业大学管理学院 邮政编码：243002 手机Wang Minghu(1972-), Male, born in Dangtu county, Anhui Province. Mr. Wang graduated from Shanghai University of Finance and Economics and got PhD in 2005. Now Mr. Wang is an associate professor and dean of Finance Department of Anhui University of Technology. Research Area: Financial Problems in Group Companies. Address: School of Management, Anhui University of Technology, Ma’anshan, Anhui Province Post Code: 243002 Mobile Phone:利益形成、分配与内部资本市场效率 王明虎 安徽工业大学管理学院 安徽马鞍山243002 [摘要]企业集团内部资本市场的运行对集团发展有十分重要的影响，但目前学术界对内部资本市场在企业集团中的效率存在矛盾的认识。文章通过建立内部资本市场和企业集团发展的研究框架，发现内部资本市场资源配置、利益形成和再分配是影响内部资本市场有效运转和集团发展的关键因素。借助这一研究范式，文章发现我国非上市集团和上市集团不同发展趋势的主要原因在于非上市集团中小股东可以通过参与集团管理和运作，发现内部资本市场利益分配的不公正，从而通过拒绝协作或退出的方式迫使集团控股股东作出利益再分配；而上市集团中社会股东不能参与集团运营，从而及时无法发现内部资本市场资源配置中利益受损，导致集团股东之间出现利益冲突，影响集团正常发展。因此，解决我国上市企业集团存在问题的需要通过法制方式加强对中小股东利益保护，以及扩大集团内部资源配置的信息披露。 [关键词]内部资本市场；效率；利益形成；利益分配 Interest Forming, Allocating and Internal Capital Market Efficiency [Abstract]The internal capital market(ICM) of a group company is of great importance to the development of the group, but there are contradictive theories about the efficiency of the ICM in the academic circle. In this article I build a research framework for the study of ICM and the development of group company. I find that the resource allocation of ICM and the interest forming and reallocation are the key factors that affect the efficient working of ICM and development of group company. Under this research model, I find that the main reasons that cause the different development trend of non-listed group companies and listed group companies: the medium and small shareholders of non-listed group companies can find the unfair interest allocation of ICM through their taking part in the working of group management, and so they can force the holding shareholders to make interest reallocation through cooper