万科集团内部资本市场资源配置及价值创造效应

发布时间：2018-08-24 16:58

【摘要】：随着经济的快速发展,中小企业通过并购、重组,形成大量的大型集团公司,现有的大型集团公司中普遍存在着内部资本市场。内部资本市场作为一种内部资源,能够起到缓解融资约束、提升资金使用效率、降低融资成本等作用,从而为企业创造价值。但是现有的研究表明,内部资本市场资源配置并不总能创造价值。在许多大型集团公司内,内部资本市场资源配置效率低下,价值创造效应不够显著,甚至还存在着毁损企业价值的现象。本文先对有关内部资本市场资源配置及价值创造效应的理论基础进行了阐述和分析。其次,在现有文献的基础上总结出了内部资本市场资源得以有效配置的基础条件,并对其价值创造进行理论分析。然后,通过对万科集团的内部资本市场资源配置的研究,发现万科集团在其发展过程中满足了内部资本市场资源得以有效配置的基础条件,分析了其内部资本市场资源在资源配置过程中起到的作用。接着,从提升集团整体价值和创造超额价值两个层面诠释了万科集团内部资本市场资源配置价值创造效应;并与同行业企业进行对比,证明万科集团的内部资本市场资源配置的价值创造效应远优于其他企业。最后,对万科集团内部资本市场资源配置价值创造过程进行分析,总结出了万科集团内部资本市场资源配置影响其价值创造效应的主要原因,为我国大型集团公司更加有效地进行资源配置、创造超额价值提出了相应的建议。
[Abstract]:With the rapid development of economy, small and medium-sized enterprises form a large number of large group companies through M & A and reorganization. There is a common internal capital market in existing large group companies. As an internal resource, the internal capital market can alleviate the financial constraints, improve the efficiency of the use of funds, and reduce the financing costs, thus creating value for enterprises. However, existing studies show that internal capital market resource allocation does not always create value. In many large group companies, the internal capital market resource allocation efficiency is low, the value creation effect is not significant enough, and even exists the phenomenon of destroying the enterprise value. In this paper, the theoretical basis of internal capital market resource allocation and value creation effect is expounded and analyzed. Secondly, on the basis of the existing literature, this paper summarizes the basic conditions for the effective allocation of internal capital market resources, and makes a theoretical analysis of its value creation. Then, through the research on the allocation of internal capital market resources of Vanke Group, it is found that Vanke Group has satisfied the basic conditions of effective allocation of internal capital market resources in its development process. This paper analyzes the role of internal capital market resources in the process of resource allocation. Then, it explains the value creation effect of Vanke Group's internal capital market resource allocation from two aspects of enhancing the group's overall value and creating excess value, and compares it with the same industry enterprises. It is proved that the value creation effect of Vanke Group's internal capital market resource allocation is much better than that of other enterprises. Finally, the paper analyzes the value creation process of Vanke Group's internal capital market resource allocation, and summarizes the main reasons why the internal capital market resource allocation affects the value creation effect of Vanke Group. Some suggestions are put forward for large group companies to allocate resources more effectively and create excess value.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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