【作者】 杨静；

【导师】 史成泽；

【作者基本信息】 宁夏大学 ， 会计（专业学位）， 2021， 硕士

【摘要】 20世纪60年代开始,美国掀起了大规模并购浪潮,集团公司越来越多元化。在这样的环境下,多元化集团公司逐渐进入众多学者的眼帘,引起学者们的关注,内部资本市场的概念由此诞生。在大型企业集团中,内部资本市场发挥着重要作用,企业集团要想顺利的生存发展,就离不开内部资本市场的合理运行。在我国社会主义经济体制的不断完善的大背景下,我国的民营企业飞速发展,规模不断扩大,对资金的需求也与日俱增;对于我国的民营企业来说,外部融资较为艰难;在这样的环境下,内部资本市场的作用日益凸显。因此,本文研究内部资本市场的运行及其配置效率是十分具有现实意义的。本文研究的案例公司新奥集团自成立以来,一直专注于自身主业,努力构建清洁能源全产业链,在相关领域取得了一定的成就;还于2018年踏入软件和信息技术服务行业。并形成了包含新奥财务有限责任公司、河北省金融租赁有限公司在内的完善的内部资本市场体系。这为本文深入研究我国民营企业的内部资本市场配置效率提供了典型案例。总体而言,本文总共包括五个部分的内容:第一部分为引言,重点叙述研究背景与研究意义,并对内部资本市场的内涵、内部资本市场的运作方式及有效性研究等相关文献进行回顾,总结出现有文献的研究结论及不足,进而提出本文的研究思路和研究方法,最后展示了本文的基本框架。第二部分为理论概述,本章主要介绍和内部资本市场有关的理论基础、内部资本市场效率的影响因素,为下文的写作奠定坚实的理论基础。第三部分为案例企业概述,主要运用案例分析法陈述新奥集团组织结构和内部资本市场的现状,为下文的分析做铺垫。第四部分为新奥集团内部资本市场配置效率分析,首先介绍了案例公司内部资本市场的运行;内部资本市场配置指标的选取;再运用调整的利润敏感系数法对新奥集团内部资本市场配置效率进行测算;然后利用现金持有指标侧面反映新奥集团内部资本市场配置效率;最后对影响内部资本市场配置效率的因素进行深入分析。五部分为结论与展望,提出优化新奥集团内部资本市场配置效率的建议,以求为其他民营企业提供经验启示。通过分析,本文发现新奥集团的内部资本市场效率较低,还存在某些年份配置无效的情况,说明新奥集团的内部资本市场并没有得到充分利用。同时研究结论还表明新奥集团的内部资本市场配置不以效率优先为第一原则;并且其内部的“金融平台”没有充分发挥功能。为此,本文提出一些具有实践意义的建议:1、内部资本市场的配置应以效率为先;2、完善内部资本市场平台的功能,充分发挥其成立之初的价值;3、理性发展,适度多元化。更多还原

【Abstract】 Since the 1960s,the United States set off a wave of large-scale mergers and acquisitions,and the group companies became more and more diversified.In such an environment,diversified group companies gradually come into the eyes of many scholars and arouse their attention,hence the birth of the concept of internal capital market.In large enterprise groups,the internal capital market plays an important role.If an enterprise group wants to survive and develop smoothly,it cannot do without the rational operation of the internal capital market.In the context of the continuous improvement of China’s socialist economic system,the rapid development of China’s private enterprises,the scale of the expanding,the demand for funds is also growing day by day;For China’s private enterprises,external financing is more difficult.In such an environment,the role of the internal capital market is increasingly prominent.Therefore,it is of great practical significance to study the allocation efficiency of internal capital market in the view of external environment,corporate strategy and operation of internal capital market.Since its establishment,ENN Group,the case company studied in this article,has been focusing on its main business,striving to build a clean energy industry chain,and has made certain achievements in related fields.And a complete internal capital market system including ENN Finance Co.,Ltd.and Hebei Financial Leasing Co.,Ltd.has been formed.ENN Group entered the software and information technology service industry in 2018.It is no longer a trivial mess,but for the first time officially stepped out of the entire clean energy industry chain and began diversified development.This provides a typical case for the in-depth study of the internal capital market allocation efficiency of my country’s private enterprises.In general,this article consists of five parts:The first part is the introduction,focusing on the research background and significance,and reviewing the connotation of the internal capital market,the operation mode and effectiveness of the internal capital market and other related literature.Summarizing the research conclusions and deficiencies in the literature,then proposes the research ideas and research methods of this article,and finally shows the basic framework of this article.The second part is a theoretical overview.This chapter mainly introduces the theoretical basis related to the internal capital market and the factors affecting the efficiency of the internal capital market,which lays a solid theoretical foundation for the following writing.The third part is an overview of case companies,mainly using case analysis to state ENN Groups organizational structure and the status quo of internal capital markets,and pave the way for the following analysis.The fourth part is the analysis of ENN Group’s internal capital market allocation efficiency.First,it introduces the operation of the company’s internal capital market;the selection of internal capital market allocation indicators;and then uses the adjusted profit sensitivity coefficient method to determine the efficiency of ENN Groups internal capital market allocation Perform calculations;then use cash holding indicators to reflect ENN Group’s internal capital market allocation efficiency;and finally conduct an in-depth analysis of the factors that affect the internal capital market allocation efficiency.The five parts are conclusions and prospects,and put forward suggestions for optimizing the efficiency of ENN Group’s internal capital market allocation,in order to provide experience and enlightenment for other private enterprises.Through analysis,this article finds that ENN Group’s internal capital market is inefficient,and there are some years of invalid allocation,indicating that ENN Group’s internal capital market has not been fully utilized.At the same time,the research conclusions also show that ENN Group’s internal capital market allocation does not take efficiency as the first principle;and its internal "financial platform" does not fully function.To this end,this article puts forward some practical suggestions:1.The allocation of internal capital market should prioritize efficiency;2.Improve the function of the internal capital market platform to give full play to its value at the beginning of its establishment;3.Rational development,moderate Diversification.更多还原