企业集团内部资本市场效率实证研究.doc

企业集团内部资本市场效率实证研究 摘要 进入二十一世纪后，全球经济一体化更加明显，企业组织面对不断增大的 压力，组建规模更大的企业集团已成为必然的选择，内部资本市场所具有的 宀 兀 善内部资本优化配置的功能越来越受到重视。企业集团内部资本市场是否具 有 效率及效率性有多高等等一系列问题的研究对我国企业集团的发展具有一 定的 理论和实践意义。 论文以内部资本市场的存在性和效率性为理论基础,借鉴国内外学者对内 部资本市场的研究成果，首先分析了内部资本市场效率的影响因素和相关理 基础;然后，以深沪及港股数据为基础手工统计上市公司屮披露分部报告的 本数据，应用“基于上期资产冋报率的现金流敏感性”的方法，建立多元冋归 模型对我国披露分部报告的部分上市公司内部资本市场的效率性进行实证 究。 实证研究结果显示，企业集团上市公司内部资本市场是有效的。论文通过 内部金融中介、企业集团多元化经营以及企业价值等三个解释变量来证实了 部资本市场的有效性，也即内部资本市场与以上三个指标呈显著正相关。论 文 旳后根据实证研究结论相应的提出强化企业集 团内部资本配置的监管、健 全和 规范上市公司分部报告信息披露制度以及充分利用内部金融中介等建议。 【关键词】企业集团内部资本市场效率内部金融中介多元化经营 企业价 值 3 Abstract After entering the 21st century, Global economic integration is more obvious, Enterprise organizations face increasing pressure, The formation of larger enterprise groups have become an incvitoblc choice, Intcrnal capital market has the perfeet the optimal allocation of internal capital more and more attention. Internal capitai market with a series of questions of efficiency and efficiency of how higher research on the development of enterprise groups in China have some of the theoretical and practical significancePapers as the theoretical basis for the existcnee and efficiency of the internal capital markct, Learn from scholars on the research results of the internal capital market, First analysis of the factors influencing the efficiency of the internal capital market and the underlying theory;Then, the basis of the handmade statistics listed companies on the Shanghai and Shenzhen and Hong Kong stock data sample disclosure of segment reporting, Application of empirical research based on the last of return on the cash flow sensitivity of some listed companies internal capital market efficiencyThe empirical results show, Internal capital market of the 1isted companies of enterprise groups is effective, And to confirm the effectiveness of the internal capital market, through diversification and enterprisc value of the intcTned fineincial intcrmcdiarics, Enterprise Group, the three explanatory variables. That the in