【摘要】 本文以明天科技为对象,研究系族企业内部资本市场功能异化及其带来的经济后果。研究发现,明天科技在明天系的内部资本市场中,发挥着融资平台的功能。在这种功能定位下,明天科技从外部资本市场筹集的资金并非用于自身发展,而是在控股股东的主导下,通过各种隐秘的内部资本市场运作方式,转移给控股股东及其控制的非上市公司。研究还发现,系族企业内部资本市场功能异化,导致上市公司业绩下滑,中小投资者利益受损。本案例的研究结果,有助于更好地理解我国制度背景下,系族企业内部资本市场运作的机会主义特征,为政府监管部门改进监管政策提供参考。更多还原

【Abstract】 In this paper,by focusing on the case of Tomorrow Technology,we are intended to uncover two is-sues concerning Internal Capital Market(ICM) in private group.First,we identify the characteristic of oppor-tunism,which may lead to the alienation of ICM function.Second,we subsequently uncover the economic conse-quences of this alienation.Our results reveal that Tomorrow Technology plays the role of financing window in Tomorrow Group.Under this circumstance,Tomorrow Technology actually becomes an operation platform in ICM of Tomorrow Group.That is to say,the financing funds by Tomorrow Technology are not exclusively for its own development;in contrast,most funds are transferred to other non-listed firms by the controlling shareholder.The results further prove that the alienation of ICM function would worsen the operating performance of listed firms and damage the minority shareholders wealth.The conclusion of this case study would certainly promote the un-derstanding opportunism characteristic of ICM in private corporate groups in China.Hence,this paper would add some ideas for policy makers to improve the government regulation.更多还原