海航集团内部资本市场效率评价及影响因素研究

发布时间：2018-03-03 04:02

本文选题：企业集团　切入点：内部资本市场　出处：《广西大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业集团的出现使内部资本市场应运而生,内部资本市场是集团企业相对非集团企业的重要优势,能够在一定程度上替代不完善的外部资本市场,是成员公司融资的重要渠道。内部资本市场的重要作用日益凸显,内部资本市场效率及其影响因素也逐渐成为研究焦点。目前学术界对于内部资本市场效率存在着“有效论”和“无效论”的争议,对内部资本市场效率的影响因素也未形成统一结论。因此,研究内部资本市场效率及其影响因素对企业集团内部资本市场实践有一定的指导作用。本文以海航集团为研究对象,选用理论分析与案例研究相结合的方法,首先在回顾现有文献的基础之上界定了内部资本市场的定义,探讨了内部资本市场效率的主流观点,总结了内部资本市场运作模式和效率测度方法,归纳了效率影响因素,概括了相关理论基础。其次,选取内部资本市场典型案例——海航集团,深入分析了其内部资本市场运作模式及其经济后果,采用企业价值分析和两种不同的现金流敏感法对海航集团内部资本市场效率进行剖析,根据国内外研究成果和海航集团的实际情况,研究其内部资本市场效率影响因素。本文最终得出如下结论:(1)海航集团内部资本市场有效且呈上升的趋势,与发达国家平均资本配置效率相比还存在较大提升空间;(2)外部资本市场、战略实施、公司治理和财务公司运营存在一定问题导致了海航集团内部资本市场效率相对较低。针对研究结论,提出如下合理建议:(1)健全外部监管体系,改善资本市场环境;(2)协调战略实施与内部资本市场效率提升;(3)优化公司治理结构,提高公司治理水平;(4)充分发挥财务公司的平台作用,持续改善内部资本市场配置情况。
[Abstract]:The emergence of enterprise groups makes the internal capital market emerge as the times require. The internal capital market is an important advantage of group enterprises relative to non-group enterprises, and can replace the imperfect external capital market to a certain extent. It is an important channel for the financing of member companies. The important role of the internal capital market is becoming more and more prominent. The efficiency of the internal capital market and its influencing factors have gradually become the focus of research. At present, there are disputes about the efficiency of the internal capital market between "effective theory" and "invalid theory" in academic circles. Therefore, the study on the efficiency of internal capital market and its influencing factors have a certain guiding effect on the practice of the internal capital market of enterprise groups. Using the method of combining theoretical analysis with case study, this paper firstly defines the definition of internal capital market based on the review of the existing literature, and probes into the mainstream view of the efficiency of internal capital market. This paper summarizes the operation mode and efficiency measurement method of internal capital market, summarizes the influencing factors of efficiency and summarizes the relevant theoretical basis. Secondly, select the typical case of internal capital market-HNA Group, This paper deeply analyzes its internal capital market operation mode and its economic consequences, and analyzes the efficiency of the internal capital market of HNA Group by using enterprise value analysis and two different cash-flow sensitive methods. According to the domestic and foreign research results and the actual situation of HNA Group, this paper studies the influencing factors of its internal capital market efficiency. Finally, this paper draws the following conclusion: 1) the internal capital market of HNA Group is effective and on the rise. Compared with the average capital allocation efficiency of developed countries, there is still much room for improvement in the external capital market and the implementation of the strategy. Some problems in corporate governance and financial company operation have led to the relatively low efficiency of the internal capital market of HNA Group. In view of the conclusions of the study, the following reasonable suggestions are put forward as follows: 1) improve the external supervision system. To improve the capital market environment and improve the efficiency of the internal capital market. 3) optimize the corporate governance structure and improve the corporate governance level. 4) give full play to the platform role of financial companies and continuously improve the internal capital market allocation.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F562.6;F560.68

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