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论文编号:5527 
作者编号:2120112466 
上传时间:2013/6/10 11:45:22 
中文题目:我国企业集团内部资本市场配置效率研究 
英文题目:Research on the Allocation Efficiency of Internal Capital Market of Enterprise Groups in China 
指导老师:陈国欣 
中文关键字:内部资本市场; 企业集团; 配置效率; 内部资本市场交易 
英文关键字:Internal Capital Market; Enterprise Group; Allocation Efficiency;Internal capital market transaction 
中文摘要:市场进行资源配置的途径有两种:外部资本市场和内部资本市场。相比于西方发达的市场经济,我国市场经济发展较晚、企业行政性色彩浓重、外部资本市场的不完善,导致我国很多上市公司利用企业集团来建立内部资本市场。内部资本市场能够为企业集团缓解信息不对称、放松融资约束等方面带来了很大的效果,但同时它也出现了一些负面影响,如滥用现金流和寻租行为。因此本文基于内部资本市场的两面性以及内部资本市场在我国企业集团的普遍性,研究内部资本市场的配置效率对我国企业集团具有实践的指导意义。 本文选取了上证180指数和深证100指数中的221家上市公司作为研究样本,对其运用多元回归分析方法。本文以上市公司的净资产收益率和市净率分别为被解释变量,以主营业务收入、财务杠杆、总资产的自然对数作为控制变量,以内部资本市场交易作为虚拟变量,运用两个模型来验证我国企业集团内部资本市场的配置效率。研究结果显示:内部资本市场交易分别与净资产收益率和市净率成显著负相关,即我国企业集团内部资本市场配置是无效率的。 接着本文选取典型性企业集团——太极集团作为案例研究对象,从侧面来验证我国企业集团内部资本市场配置效率。首先,本文从太极集团成立的过程及其内部资本市场交易概况进行了介绍;其次,本文运用两种效率估算方法从不同角度评价太极集团内部资本市场配置效率,估算结果表明:太极集团在2008、2009和2011年这三年时间中其内部资本市场配置是无效率的,而2010年其现金流敏感系数是0.00006,相对于1960s美国的1/11667。总体而言,太极集团内部在2008-2011年这四年时间中内部资本市场配置是无效率的。 在利用间接测度方法和直接测度方法对我国企业集团内部资本市场配置效率进行分析之后,本文针对我国企业集团内部资本市场存在的问题有的放矢地提出建议,以促进我国企业集团内部资本市场朝着健康、有序地方法发展。 
英文摘要:Economic globalization and the internationalization of enterprises, making the allocation of capital to become the most important resource allocation in a market economy. There are two ways to allocate capital resources: external capital markets and internal capital markets. Compared to Western developed market economies, the late development of China's market economy, a strong sense of corporate administrative, external capital market imperfections, resulting in many listed companies in China Enterprise Group to establish an internal capital market. Internal capital markets for enterprise groups to alleviate information asymmetry, relax financing constraints brought great results, but it also appears to have some negative impact, such as the abuse of cash flow and rent-seeking behavior. Therefore, based on the two sides of the internal capital market as well as the universality of our listed companies, the efficiency of the allocation of internal capital markets research enterprise groups in China has a very important significance. In this paper, I selected SSE 180 Index and Shenzhen 100 Index 221 listed companies as the research sample, using the multiple regression analysis method to evaluate the allocation efficiency of the internal capital market of enterprise groups in China. First, this paper use ROE and PBV of listed companies as the explained variables, the main business income, financial leverage, the total assets of the natural logarithm of as control variables, the existence of the internal capital market transactions as a dummy variable. Then we use two models to verify the configuration of the internal capital market efficiency of enterprise groups in China. The results show that: the internal capital market transactions with ROE and PBV into a significant negative correlation, resulting in the impairment of the enterprise value of the enterprise groups in China's internal capital market transactions, that is, the internal capital market of enterprise groups in China configuration is inefficient. Then, this paper chose typical enterprise groups - Taiji Group as a case study to verify the efficiency of enterprise groups in China's internal capital market allocation from the side. Firstly, we introduced the establish of the Taiji Group and its internal capital market transaction; Secondly, this paper draws on the research of scholars in the past, the use of two efficient estimation methods to evaluate the efficiency of Taiji Group's internal capital market allocation from different angles, estimates show: Taiji Group in 2008, 2009 and 2011, its internal capital market allocation is efficient, while in 2010 its cash flow sensitivity coefficient is 0.00006, even allocation efficiency of Taiji Group internal capital market in 2010 is efficient, but also very low. Overall, the allocation efficiency of Taiji Group internal capital market in the four years 2008-2011 is inefficient. After using indirect measurement methods and direct measure to analyses the allocation efficiency of the internal capital market of enterprise groups in China, in this paper, targeted recommendations for the problems of the internal capital market of enterprise groups in China, to promote the development of enterprise groups in China internal capital markets towards a healthy and orderly method. 
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