我国A股上市公司内部资本市场效率研究

发布时间：2017-12-31 03:01

本文关键词：我国A股上市公司内部资本市场效率研究　出处：《扬州大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国,企业集团已经成为普遍存在的组织形式,并成为国民经济最重要的组成部分。企业集团的资本配置需要经过外部、内部两个资本市场。社会资本先通过外部资本市场把资本配置到不同形态的企业,企业再通过内部资本市场将资本配置到各分部或子公司,从而进一步配置给各投资项目。正如社会资本配置效率是经济学研究的核心问题一样,内部资本配置效率是公司金融的核心问题。然而对资本配置效率的研究长期以来集中在外部资本市场,而对内部资本市场效率研究较少。再加上很难获得研究我国内部资本市场效率所需要的分部信息,对我国内部资本市场效率的研究还没有扩展到上市公司中最具代表性的A股上市公司。近几年,我国上市公司年报对分部数据的披露日趋完善,已经有许多A股上市公司提供研究内部资本市场效率所需要的分部数据。因此本文以我国A股上市公司为研究对象,对我国A股上市公司内部资本市场效率进行评价,分析影响内部资本市场效率的主要因素,提出改善内部资本市场效率的政策建议。本文对内部资本市场的基本内涵进行了阐述,对企业集团和上市公司的内部资本市场特征进行了总结。在国内外学者研究的基础上对内部资本市场效率实证测度模型进行了修改和验证,并用修正后的模型评价了我国A股上市公司内部资本市场效率。随后分析了影响内部资本市场效率的外部因素与内部因素,构建了内部资本市场效率影响因素的系统框架,并从公司治理、多元化、内部资本、内部金融中介四个方面对内部资本市场效率的影响因素进行了实证研究。研究结果显示,控制权、现金流权与内部资本市场效率正相关,也就是说在外部市场约束较小的情况下,集中持股可以提高资源配置效率；控制权与现金流权分离系数与内部资本市场效率无显著相关性,说明控制权与现金流权分离并没有导致上市公司资源配置效率低下；终极股东性质与内部资本市场效率负相关,说明政府持股企业资源配置效率较低；董事会各特征和高管持股水平与内部资本市场效率无显著相关性,说明我国上市公司的高管层在资源配置过程中作用有限；多元化水平、内部资本市场规模和内部金融中介都与内部资本市场效率正相关,也就是说多元化经营的大企业资源配置优势明显,企业设立内部金融中介有利于提高资源配置效率。根据实证结果,本文从上市公司高层建设、分部建设、内部资本市场规模、内部金融中介建设和内部资源配置机制建设五个方面提出了构建有效内部资本市场的建议。
[Abstract]:In our country, the enterprise group has already become a popular organization forms, and become the most important part of the national economy. The capital allocation requires external, internal capital market. Two social capital through the external capital market the capital allocation to different forms of enterprises, enterprises and the allocation of capital to the branch or subsidiary company through the internal capital market, thus further allocated to various investment projects. As social capital allocation efficiency is the core issue of economics, the internal capital allocation efficiency is the core issue of corporate finance. However, the efficiency of capital allocation research has long focused on the external capital market, and the efficiency of internal capital market is less. Plus it is difficult to obtain the segment information of study on the efficiency of China's internal capital market needs, research on the efficiency of internal capital market in China is not Extended to the listed company in the most representative of the A shares of listed companies. In recent years, China's listed company's annual report on the disclosure of segment data is becoming more perfect, there have been many A shares of listed companies to provide data on the efficiency of internal capital market need. Therefore, China's A shares of listed companies as the research object, to evaluate the efficiency of internal capital market in China A shares of listed companies, analyses the main factors influencing the efficiency of internal capital market, improve the efficiency of internal capital market policy recommendations.
In this paper, the basic connotation of internal capital market are discussed, characteristics of the internal capital market of enterprise groups and listed companies are summarized. Based on the research of domestic and foreign scholars on the modification and verification of the internal capital market efficiency empirical measure model, and evaluates the efficiency of internal capital market in China A shares of listed companies by the modified the model. Then analyze the external factors affecting the efficiency of internal capital market and internal factors, constructs the system framework of the factors of internal capital market efficiency, and from internal corporate governance, diversification, capital, four aspects of internal financial intermediation impact on internal capital market efficiency factor of the empirical research. The results showed that the control right, cash flow right and the efficiency of internal capital markets are related, that is to say in the external market constraints under the condition of low concentration of shareholding can raise capital Efficiency of resource allocation; the control rights and cash flow rights separation coefficient and the efficiency of internal capital markets showed no significant correlation between control right and cash flow right does not lead to inefficient allocation of resources of listed companies; the ultimate shareholder and the efficiency of internal capital market allocation efficiency shows negative correlation, the government shareholding enterprise resources is low; the board of directors has no significant the correlation between the characteristics and managerial ownership level and the efficiency of internal capital markets, that executives of Listed Companies in China in the process of resource allocation in a limited role; diversification level, the scale of internal capital market and internal financial intermediaries are positively correlated with the efficiency of internal capital market, that is to say the advantage of large enterprise resource allocation diversification, enterprises the establishment of internal financial intermediation is conducive to improving the efficiency of resource allocation. According to the empirical results, this paper from the high-rise construction companies, construction division The proposal of building an effective internal capital market is put forward in five aspects: the scale of the internal capital market, the construction of internal financial intermediaries and the construction of the internal resource allocation mechanism.

【学位授予单位】：扬州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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