系族企业内部资本市场效率的实证研究

发布时间：2018-04-12 17:58

本文选题：系族企业 + 内部资本市场　；参考：《内蒙古科技大学》2013年硕士论文

【摘要】：在我国经济快速发展的现阶段，我国外部资本市场成立仅有短短的几十年的时间,其发展即使迅速，但是仍不健全，因此给内部资本市场的发展带来了可能。同时由于它具有缓解融资约束以及合理调配内部资金源的优势，因此引来了不少学者对其进行研究。近年来,在我国的证券市场上出现了不少像“招商系”、“华润系”、“鲁能系”等大型系族企业，这些系族企业内部之间都存在着各种方式的内部资本配置行为（如内部担保、借贷、关联方交易、增资等），由此形成了一个个内部资本市场，但是之前学者的研究发现，我国大型企业的内部资本市场的运行效率较低，，且存在着许多无效配置的情况。在我国这一特殊经济时期，研究影响内部资本市场运行效率的原因，对于发挥内部资本市场的优势有重要意义，同时还有利于系族企业更有效地利用内部资本市场，使其更好地发挥作用，提高企业的价值及核心竞争力。本文首先回顾了之前学者对于内部资本市场研究的相关文献，包括内部资本市场的存在性、效率性、对企业价值产生的影响以及影响内部资本市场运行效率的因素，然后选取2009年至2011年在我国沪、深两市A股的上市系族企业作为研究样本，对我国系族企业内部资本市场的运行效率进行了实证评价，评价结果表明我国系族企业内部资本市场运行效率低下，并且有将近一半的系族企业的内部资本市场是无效率运行。本文的重点是系族企业内部资本市场运行效率影响因素的实证分析，在这一部分中，本文按照系族企业内部资本市场运行是否有效分别建立了内部资本市场运行效率影响因素显著性检验的回归模型进行回归分析，回归结果表明高管前三名薪酬总额对数、多元化程度、每股经营净现金流量、资产负债率以及资金占用率与内部资本市场的运行效率存在显著的相关关系，并根据回归结果及对比数据分析对内部资本市场运行无效的系族企业进行了相应的改进及预测。文章最后根据前文的分析和结论，分别从激励机制、多元化程度以及系族企业的财务管理机制三个方面提出了提高内部资本市场运行效率的改进措施。
[Abstract]:At the present stage of rapid economic development, China's external capital market has only been established for a short period of several decades. Even if it develops rapidly, it is still not sound, so it has brought the possibility to the development of internal capital market.At the same time, because it has the advantage of easing the financing constraints and rationally allocating the internal capital, it has attracted many scholars to study it.In recent years, in China's securities market, there have been many large family enterprises such as "Merchants Department", "China Resources Department", "Luneng system" and so on.There are a variety of internal capital allocation behaviors (such as internal guarantee, loan, related party transactions, capital increase and so on) among these family enterprises, thus forming a series of internal capital markets, but previous scholars have found that,The internal capital market of large enterprises in China is inefficient, and there are many situations of invalid allocation.In this special economic period of our country, it is of great significance to study the reasons that affect the efficiency of the internal capital market, which is of great significance to the exertion of the advantages of the internal capital market, and at the same time, it is beneficial to the family enterprises to make more effective use of the internal capital market.Make it play a better role, improve the value of enterprises and core competitiveness.This paper first reviews the previous literatures on the internal capital market, including the existence and efficiency of the internal capital market, the influence of the internal capital market on the enterprise value, and the factors that affect the efficiency of the internal capital market.Then select the listed family enterprises in Shanghai and Shenzhen from 2009 to 2011 as the research samples, and make an empirical evaluation on the operating efficiency of the internal capital market of the family enterprises in China.The evaluation results show that the internal capital market of the family enterprises in our country is inefficient, and nearly half of the domestic capital markets of the family enterprises are inefficient.This paper focuses on the empirical analysis of the factors influencing the efficiency of the internal capital market of the family enterprises. In this part,In this paper, regression analysis is carried out according to whether the internal capital market is effective or not. The regression analysis shows that the top three top executive salaries are logarithmic.The degree of diversification, net operating cash flow per share, asset-liability ratio and capital occupancy rate have significant correlation with the efficiency of the internal capital market.According to the regression results and the comparative data analysis, the paper makes corresponding improvement and prediction for the related enterprises whose internal capital market does not work well.Finally, according to the above analysis and conclusion, the paper puts forward some measures to improve the efficiency of internal capital market from three aspects: incentive mechanism, diversification degree and financial management mechanism of family enterprises.
【学位授予单位】：内蒙古科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F275;F276.5

【参考文献】