论内部资本市场对企业价值的影响

发布时间：2018-04-04 00:42

本文选题：上市公司　切入点：内部资本市场　出处：《南昌大学》2014年硕士论文

【摘要】：基于内部资本市场已有理论，本文通过实证研究，针对内部资本市场对企业价值的影响进行了分析。得出如下结论：一，通过现金流敏感性模型的数据得出，我国上市公司内部资本市场配置效率并不高，仅有一半左右的上市公司内部资本市场的配置效率是符合预期的；内部资本市场对企业有一定的增值作用，这与国内学者研究结论基本一致。二，，内部金融中介与内部资本市场企业相对价值正相关，这意味着内部金融中介确实能提高内部资本市场的配置效率，表明在我国企业集团中的资金池、结算中心或财务公司发挥了一定的积极作用，内部金融中介通过统一融资，降低了交易成本，提高了企业的对外议价能力，发挥了企业内部监督的作用，有利于企业价值的增加。三，企业规模、多元化程度与内部资本市场企业相对价值整体是正相关的，企业规模越大，更有利于激发内部金融中介发挥作用，内部资本市场的配置效率则更高；上市公司多元化程度越高，也更有利于提高内部资本市场的配置效率，企业也更能增值。
[Abstract]:Based on the existing theory of internal capital market, this paper analyzes the influence of internal capital market on enterprise value through empirical research.The conclusions are as follows: first, through the data of cash-flow sensitivity model, it is concluded that the efficiency of internal capital market allocation of listed companies is not high, only about half of the internal capital market allocation efficiency of listed companies is in line with expectations;Internal capital market has a certain value-added effect on enterprises, which is basically consistent with the conclusion of domestic scholars.Second, there is a positive correlation between internal financial intermediation and the relative value of enterprises in the internal capital market, which means that internal financial intermediation can really improve the allocation efficiency of the internal capital market, indicating that the pool of funds in the enterprise groups in our country,The clearing center or financial company has played a positive role. Through unified financing, internal financial intermediaries have reduced transaction costs, improved the ability of enterprises to negotiate outside prices, and brought into play the role of internal supervision of enterprises.It is beneficial to the increase of enterprise value.Third, the scale and diversification of the enterprise is positively related to the relative value of the enterprise in the internal capital market. The larger the scale of the enterprise is, the more favorable it is to stimulate the internal financial intermediary to play its role, and the higher the allocation efficiency of the internal capital market is.The higher the diversification of listed companies, the better the allocation efficiency of internal capital market, and the more value-added enterprises can be.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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