云天化集团内部资本市场对融资约束的影响研究

发布时间：2018-03-27 16:42

本文选题：企业集团　切入点：内部资本市场　出处：《湖南大学》2013年硕士论文

【摘要】：在市场活动中，企业进行融资主要有两种途径：一是通过外部资本市场，即股票和债券市场；二是通过企业内部获取，即内部资本市场。内部资本市场是外部资本市场的有力补充和完善。内部资本市场是企业集团对所拥有的资源进行整合和重新配置的场所，其本质是市场行为内部化。尽管在理论上存在内部资本市场无效论的观点，但是它在减少信息不对称和激励摩擦、降低融资成本等方面具有优势，能够起到缓解企业集团成员企业融资约束的作用。本文在国内外相关研究成果的基础上，着重运用内部资本市场理论，结合我国的市场环境和制度背景，对内部资本市场与企业融资约束的影响进行了较系统的研究。首先，本文对内部资本市场现有的研究文献按不同观点进行了梳理归纳，发现内部资本市场的效率观及与融资约束的关系。然后以云天化集团为案例，，从内部资本市场理论和运行方式、功能等方面考察了内部资本运作对集团下上市公司融资行为的影响。研究发现，企业集团的资本化运作在短期内可以增强企业的融资能力，缓解融资约束。但是同时也会导致企业财务杠杆上升，财务风险加大。最后，在案例研究的基础上为我国企业集团完善内部资本市场，提高资金配置效率提出了政策建议。
[Abstract]:In market activities, enterprises have two main ways of financing: one is through the external capital market, that is, the stock and bond markets, and the other is through the internal enterprise access. That is, internal capital market. Internal capital market is a powerful complement and perfection of external capital market. Internal capital market is the place where enterprise groups integrate and redistribute the resources they possess. Its essence is internalization of market behavior. Although there is an invalid theory of internal capital market in theory, it has advantages in reducing information asymmetry and incentive friction, reducing financing cost, etc. Can play a role in easing the financing constraints of enterprise group members. On the basis of domestic and foreign related research results, this paper focuses on the use of internal capital market theory, combined with the market environment and institutional background of our country, and makes a systematic study on the influence of internal capital market and corporate financing constraints. In this paper, the existing research literature on internal capital market is summarized according to different viewpoints, and the efficiency view of internal capital market and the relationship between internal capital market and financing constraints are found. Then the case of Yuntianhua Group is taken as an example. This paper investigates the influence of internal capital operation on the financing behavior of listed companies under the group from the aspects of internal capital market theory, operation mode and function, and finds that the capitalization operation of enterprise groups can enhance the financing ability of enterprises in the short term. At the same time, it will lead to the increase of financial leverage and the increase of financial risk. Finally, on the basis of the case study, the paper puts forward some policy recommendations for improving the internal capital market and improving the efficiency of capital allocation for Chinese enterprise groups.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72

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