企业集团内部资本市场研究

【作者】 彭惠文；

【导师】 朱远群；

【作者基本信息】 湖南大学 ， 会计学， 2003， 硕士

【摘要】 目前我国尚不健全的外部资本市场与企业之间存在着严重的信息和激励摩擦，这严重限制了企业在外部资本市场上的融资活动。为了克服不确定性和降低交易成本，通过建立内部资本市场来解决资金筹集问题成为企业的理性选择。企业集团作为现代企业制度的高级发展形式，在我国经济改革中具有重要的战略地位，其中，内部资本市场作为企业集团发展过程中的必然产物，其发展与完善对企业集团的优势发挥具有举足轻重的作用。 本文以规范研究为主，运用比较分析，并在大量引用前人实证研究成果的基础上，按照从一般理论到具体操作的逻辑顺序，试图通过对我国企业集团内部资本市场相关问题的分析，对内部资本市场组织机构的发展方向提出建议。 本文首先从界定企业集团内部资本市场的内涵入手，提出加强我国企业集团内部资本市场建设的现实意义。其次对企业集团内部资本市场的若干理论问题进行了分析，指出内部资本市场在降低融资成本和优化资源配置方面相对于外部资本市场具有优势。再次理论联系实际，论述了企业集团内部资本市场实务运作的两个主要方面：资金融通和资金分配。最后通过比较企业集团内部银行、财务公司和集团投资银行，探讨了我国企业集团内部资本市场组织机构的构建，指出上述三种企业集团内部资本市场组织形式逻辑和历史的演进过程是：内部银行→财务公司→集团银行。更多还原

【Abstract】 There exist serious information problems and inspiration conflicts in China between the imperfect External Capital Market (ECM) and the enterprise at present, which have seriously limited the financial activities of the enterprise on ECM. In order to overcome the incertitude and reduce the transaction costs, the enterprise’s rational selection should be to solve the financial problem by the establishment of Internal Capital Market (ICM).Being an advanced developing form of Modern Corporation, the enterprise group owns a strategic situation in the process of economic reforming. While ICM is one of the products of the enterprise group in its developing process, its development and perfection is an important factor for the advantage’s exertion of the enterprise group.Firstly, based on the definition of the enterprise group’s internal capital market, the dissertation expounds the realistic significance of strengthening the construction of the enterprise group’s ICM.Secondly, the dissertation studies a number of theoretical problems of the enterprise group’s ICM, and points out that ICM is superior to ECM on lowering the financial costs and making the resource allocations better.Thirdly, the dissertation discusses the practical operations of ICM from a practical angle from the following two parts: the funds’ circulation and allocation.Finally, the dissertation probes to construct the organization machinery of the enterprise group’s ICM in our country by comparison with internal bank, financial company and the enterprise group’s invest bank, and concludes that the logic and historical developing process of the organization form on the enterprise group’s ICM should be: internal bank-financial company-the enterprise group’s invest bank.更多还原