内部资本市场规模、效率与企业集团成长性研究

发布时间：2018-03-29 04:27

本文选题：内部资本市场效率　切入点：内部资本市场规模　出处：《北京工商大学》2013年硕士论文

【摘要】：自20世纪80年代至今，我国一直处于计划经济向市场经济的转型阶段。由于计划经济下，资本掌握在政府手中，条块分割的制度使得国有企业难以发生横向或纵向的联合，因此，政府推动了国有企业之间的联合，以提高社会生产力水平。在我们“摸着石头过河”的过程中，“企业集团”概念的被引入，在政府政策和市场导向的共同作用下，国有企业在不同层次上形成了一批企业集团，已经成为发展国民经济的核心力量，政府也始终都把大力发展企业集团作为一项重要经济政策。政府逐渐将企业集团由松散型的，以行政管理关系或经济交往关系为基础的联合体向紧密的，以产权为基础的联合体转变。企业集团通过各种方式进行扩张与成长，逐渐产生了资金集中管理、集团统一授信、竞争性资源配置等制度，这些制度广泛地存在于各个企业集团内，形成了内部资本市场。随着经济发展，社会上越来越多愈来愈多的私人资本进入市场，成为推动国民经济的重要力量之一。而企业集团作为一种高级的组织形式，也逐渐地成为市场中的主流，企业集团在社会发展中的重要地位不容忽视。人们对企业集团的成因进行了诸多的分析与探讨，但关于企业集团成长的研究少之又少。本文通过分析企业集团这种组织形式与市场、企业之间的区别，从理论上论证内部资本市场是企业集团成长中的一个重要机制，，并提出了企业集团成长的概念。并且通过大样本实证进行了检验。通过搜集83家国内H股上市公司从2006-2011的数据，得到326个样本，得出以下结论：（1）企业集团成长性随着内部资本市场规模的增加得到提高，超过一定程度后，内部资本市场规模的增加会降低企业集团成长性；（2）本年的内部资本市场的效率越高，企业集团下年的成长性就越好。基于以上结论，提出了3个建议：第一，承认影子银行，开放民间资本；第二，充分利用内部资本市场优化集团结构；第三，重视内部资本市场，政企要分开。
[Abstract]:Since 1980s, China has been in the stage of transition from planned economy to market economy. Under the planned economy, the capital is in the hands of the government, and the system of partition makes it difficult for state-owned enterprises to combine horizontally or vertically. Therefore, the government has promoted the association between state-owned enterprises in order to raise the level of social productivity. In the process of "crossing the river by feeling the stone", the concept of "enterprise group" was introduced, under the joint action of government policy and market orientation. State-owned enterprises have formed a number of enterprise groups at different levels, which have become the core force for the development of the national economy. The government has always regarded the development of enterprise groups as an important economic policy. The consortia, which are based on administrative relations or economic relations, are transformed into consortia based on close and property rights. Enterprise groups expand and grow through various ways, and gradually produce centralized management of funds and unified granting of credit by groups. Systems such as competitive resource allocation, which widely exist in various enterprise groups, form an internal capital market. With the development of the economy, more and more private capital enters the market. As an advanced form of organization, enterprise groups have gradually become the mainstream of the market. The important position of enterprise group in social development can not be ignored. People have made a lot of analysis and discussion on the cause of formation of enterprise group, but the research on the growth of enterprise group is rare. By analyzing the difference between enterprise group and market, this paper theoretically demonstrates that the internal capital market is an important mechanism in the growth of enterprise group. And put forward the concept of enterprise group growth, and through the large sample empirical test. By collecting 83 domestic H shares listed companies from 2006 to 2011 data, 326 samples, The following conclusions are drawn: (1) the growth of enterprise groups increases with the increase of the scale of the internal capital market. If the scale of the internal capital market increases to a certain extent, the increase of the scale of the internal capital market will reduce the growth of the enterprise groups.) the higher the efficiency of the internal capital market this year, the higher the efficiency of the internal capital market. The better the growth of enterprise groups next year. Based on the above conclusions, three suggestions are put forward: first, to recognize shadow banking and open private capital; second, to make full use of the internal capital market to optimize the group structure; third, Attach importance to the internal capital market, government and enterprises should be separated.
【学位授予单位】：北京工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.4;F832.5

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