【作者】 王峰娟；

【Author】 Wang Fengjuan (Business School,Beijing Technology and Business University,Beijing,100048)

【机构】 北京工商大学商学院；

【摘要】 在内部资本市场中,内部金融中介如财务公司、结算中心是内部资本的蓄水池,按总部的行政命令或价格机制将资金分配到各分部。内部资本规模越大,内部金融中介的存在越具有价值,相应的,资源配置效率就会越高。本文以H股多分部上市公司为样本,通过实证检验发现,内部资本规模、内部金融中介与内部资本市场效率正相关。更多还原

【Abstract】 In the internal capital market,internal financial intermediaries play as internal capital pools such as financial company and settlement center,allocate funds to each subdivision according headquarters’ orders or price mechanism. The larger internal capital scale is,the more valuable internal financial intermediaries are,and efficiency of resource allocation will be higher accordingly. In this dissertation,we find that internal capital market efficiency is positive association with internal capital scale,internal financial intermediaries.更多还原