【作者】 于谦；

【导师】 蒋屏；

【作者基本信息】 对外经济贸易大学 ， 企业管理， 2014， 博士

【摘要】 外部资本市场的融资约束在一定程度上限制了企业发展，内部资本市场作为外部资本市场正式制度的补充机制，成为助力企业价值成长的重要因素，也极大地推动了宏观经济的快速增长。“系族”诞生于我国经济转轨过程中外部资本市场制度不完善、国退民进的背景环境下，作为内部资本市场的一种表现形式，“系族”能使族内的投资项目规避在外部资本市场中有关信息获取与激励问题的困扰，合理调配资源，实现高效率运营。因此，内部资本市场的有效性与“系族”的成长发展息息相关。对内部资本市场的资源配置机理、特征、影响因素和各成员企业的价值成长过程等的深入分析有助于提出促进内部资本市场效率的合理化建议。本文以我国系族上市公司为研究样本，以我国转型时期和新兴市场为研究背景，通过收集系族上市成员1991-2011年的相关财务数据，结合樊纲和王小鲁（2007-2009）市场化指数和金融业发展程度指数等数据，以族内成员IPO事件为切入点，实证考察了我国多元化/一体化系族内部资本市场的存在性、配置效率和运作机理，试图阐释系族价值传导的内部机制。本文的研究主要包括以下几个部分：首先，本文梳理了内部资本市场理论的发展脉络，从内部资本市场理论的产生和发展、系族的成因与基本特征、内部资本市场的资源配置与资本运作等方面描述了系族集团构建的内部资本市场的运行机理。然后，进一步围绕企业集团采取的不同战略对内部资本市场的有效性和集团价值成长的影响的相关文献进行了论述。接着，在此基础上归纳了内部资本市场的最优规模和衡量配置效率模型的有关文献。这三部分为后文探讨各类系族内部资本市场的区别和联系等提供了丰富的理论基础和支持。最后，总结了IPO现象并梳理了IPO对不同关联主体的溢出效应的相关文献。现有研究对系族现象和内部资本市场作用机制及其有效性展开了广泛探讨，为本文提供了宝贵的借鉴经验并奠定了坚实的理论基础。其次，本文对系族内部资本市场配置效率进行了研究。在新兴市场经济国家中，外部资本市场的不完善和融资约束使得内部资本市场更具优势，内部资本市场的存在是对外部资本市场局限性的有益补充。随着我国经济体制的全面深化改革，市场在资源配置中的决定性作用更加突出，基于ICM理论、控制权理论、信息不对称理论、融资优序理论和委托代理理论，本文进一步对集团内部资本市场会导致资本配置有效还是无效？对企业价值是一种创造还是摧毁？等一系列相关问题展开分析讨论。通过上述研究表明，系族内部存在资本市场，且其部署资产大多是有效率的。而战略作为企业集团实现愿景的具体途径，伴随企业生命周期的各个阶段，因此，本文以成员企业IPO事件为切入点，考察该事件对族内其他上市公司是否有溢出效应。借以继续深入探讨系族企业集团采取的不同战略对其内部资本市场的运营和配置是否会造成差异。最后，在上述研究基础上，基于战略管理理论和ICM理论、信息不对称理论等，本文进一步挖掘了成员企业IPO对系族集团溢出效应的成因以及对系族整体和内部其他上市成员的具体影响有哪些，并区分不同战略加以分析论证。本文采用规范研究与实证研究相结合的研究方法，通过研究得出以下一些基本结论：1．现有文献从不同角度对内部资本市场的资源配置是否有效等问题进行了广泛的研究，取得了丰硕的研究成果。但是目前的研究大多集中于对单个系族内部资本市场资源配置效率的考察，随着系族企业多元化与专业化战略的存在，部分文献开始转向对系族的战略与资本配置效率关系的研究，但尚不多见。此外，IPO对系族来说并不陌生，然而目前尚未有学者就成员企业IPO对系族带来的经济后果加以论证分析，也忽视了外部资本市场效率的变化对内部资本市场配置效率的影响等因素。因此，本文在现有研究基础上，以我国系族内部资本市场的配置效率为切入点，从系族内部成员企业的IPO事件、系族选取的经营战略以及成员企业交叉上市等因素多角度，剖析其对系族内部资本市场配置效率和对系族及成员价值成长的影响，以试图理清我国系族内部资本市场的配置行为和系族价值成长的路径、机理，为监管内部资本市场中大股东的利益侵占和机会主义行为等提供政策建议。2．借鉴Shin&Stulz（1998）和Wulf（2009）的模型测度我国系族内部资本市场的存在性、配置效率及其影响因素。研究发现，我国系族存在内部资本市场。在不同的外部环境和内部特征的影响下，内部资本市场的效率也有所差别。地处市场化程度较高、投资者保护到位和法律监管措施更为健全的系族，其内部资本市场配置更有效率；相比于非国有系族，国有系族由于有着更加便利的外部融资渠道，同时还肩负着社会稳定、促进就业、社会保障等各类社会责任和政治使命，因此，其内部资本市场的配置效率更高；在国有产权系族中，中央控制系族比地方控制系族的内部资本市场更加完善，配置效率更高；此外，交叉上市因其具有交易成本更低、可以融得更多资金并降低信息不对称程度等优势，因此成员交叉上市有助于提高系族内部资本市场的配置效率。3．本文在进一步区分多元化/一体化战略系族，分别考察成员IPO事件对系族产生的短期和长期溢出效应及其成因后，研究发现，以超常累计回报（CAR）衡量族内成员企业IPO产生的短期溢出效应时，系族整体市场表现消极，CAR值为负；且国有系族CAR值更低，非国有系族市场表现稍好，这可能与股市中的比价效应、IPO抑价和信号传递效应等有关；IPO对多元化和横向一体化战略的系族有负的溢出效应，在横向一体化战略下，非国有系族市场表现更好；纵向一体化战略下，溢出效应由正变负，投资者对非国有系族更有信心。4．系族整体价值衡量族内成员企业IPO产生的长期溢出效应，由于系族整体价值的变化更能反映出股票的内在价值波动，因此探讨长期溢出效应的成因更能获悉内部资本市场的特征和运作机理。研究发现，①多元化战略对系族整体价值提升的贡献最大，而该溢出效应主要是由信息不对称程度降低使得资本成本减少产生的；②进一步探究横向一体化战略溢出效应成因时发现，IPO企业对成员企业的信息效应很明显，是引发长期溢出效应的主要因素；而纵向一体化战略对系族价值的提升也有促进作用，但不如多元化和横向一体化战略的效果显著；③在纵向一体化战略系族中，成员企业与族内上下游贸易伙伴间的博弈能力是影响其未来发展的主要因素，经分析验证，应收账款周转率是影响企业盈利水平的主要因素，而应付账款周转率作用不明显，表明企业向客户收账速度较快，资产流动性较强且企业偿债能力提高，但是免费使用供应商资金的能力较弱，因此交易成本的降低是引起成员IPO对纵向一体化战略系族的溢出效应的主要原因。④IPO对国有系族价值的提升比非国有系族作用要大；拥有交叉上市企业的系族集团内部的成员企业IPO较之非交叉上市系族更能提升系族整体价值。本文的研究既有助于在理论上解释和完善我国经济转轨时期“系族”内部资本市场资源配置的作用机理、影响因素和改进渠道，而且在实践上可以为促进我国多元化/一体化系族企业价值成长、完善公司内部治理结构、提升内/外部资本市场的效率和推动宏观经济稳定增长提供重要的参考。更多还原

【Abstract】 External capital market’s financing constraints have imposed limitations onthe development of the enterprises, while the internal capital markets served as anexternal capital market’s complementary mechanism of formal system become animportant factor which promotes the value of the enterprise’s growth, and at thesame time boosting the rapid development of the macro-economy.“Corporateclasses” were born in the process of economic transition while the system of theexternal capital market is not perfect,“corporate class”, as a form of internalcapital markets, can make the investment projects within it to evade from theexternal capital markets, relating to information acquisition and incentiveproblems, achieve reasonable allocations of resources and efficient operations.As a result, the effectiveness of the internal capital market is closely linkedwith the growth and development of "corporate class". The deep analysis ofinternal capital market resource allocation mechanism, characteristics, influencingfactors and the value of the affiliated enterprise growth process contributed toputting forward reasonable suggestions which promote the efficiency of internalcapital markets. This article takes the listed companies of the corporate classes asresearch samples, and emerging markets and the transition period of our country asthe research background, by collecting the relevant financial data of corporateclasses members listed from1991to2011, according to Fan Gang and WangXiaolu (2007-2009), degree of marketization index and financial sectordevelopment index data, regarding affiliated members within the IPO as thebreakthrough point, making empirical survey on the existence, allocationefficiency and operation mechanism of the diversity/integration internal capitalmarkets, trying to explain the internal mechanism of value conduction. In thisarticle, the research mainly includes the following several parts:Firstly, this article combs the developmental path of internal capital markettheory, and it describes the operation mechanism of internal capital marketconstructed by the corporate classes, from such aspects as the emergence anddevelopment of internal capital market, the cause of formation and basic features of the corporate classes and the allocation of resources as well as the capitaloperation of the internal capital market. Then, it further discusses the correlatedliterature that refers to the efficiency of the internal capital market and impact onthe group value growth influenced by different strategies adopted by enterprisegroups. Then, based on that, this paper concludes the related literature aboutoptimizing scale of capital market and measuring configuration efficiency model.These three parts provide a great theoretical foundation and support for the laterexploration of the differences and connections among all ethnic kinds of internalcapital markets. At last, the IPO phenomenon is summarized, and relativedocuments about it on different connected subjects are sorted out. The existingresearches have carried out extensive discussions about the phenomena ofcorporate classes and the mechanism of internal capital market and itseffectiveness, which provide valuable experience for reference and lay a solidtheoretical foundation for this paper.Secondly, we have studied the allocation efficiency of internal capital marketwithin corporate class in this paper. Among the emerging market economycountries, the imperfection of the external capital market and the financingconstraints add advantages to the internal capital market, and the existence of theinternal capital market is a beneficial supplement to the limitation of the externalcapital market. With the overall deepened reform of our country’s economicsystem, the decisive function of the market in allocating resources stands outfurther. Based on the ICM theory, corporate control theory, information asymmetrytheory, pecking order theory of financing and principle-agent theory, this articlewill carry out further analysis and discussion on a series of relevant issues, forinstance, whether the intra-group capital market will lead to an effective capitalallocation or not? Is it a kind of creation or destruction to the enterprise value? Wewill analyze and discuss a series of relative questions later on.Thirdly, the above researches show that capital market exists within enterprisegroup and most of its deployment of assets is efficient. As a specific way forenterprises to realize their visions, strategy accompanies enterprises in everyperiod of the life circle of them. Therefore, we use the IPO event as a starting pointto review whether this event has any spillover effect on other listed companies within the family. Then we make further discuss on whether different strategiesadopted by private enterprise groups will make difference on the operation andallocation of its internal capital market.At last, based on the research mentioned above, in terms of the strategicmanagement theory, the ICM theory, the information asymmetry theory and thelike, this article further excavates the reasons that cause the member enterpriseIPO’s spillover effect to the corporate classes, as well as the specific influences onthe whole corporate classes and other internal members that have come into themarket, and distinguish among different strategies with analyses anddemonstrations.This article applies an empirical approach to the study and the followingbasic conclusions are come up with after the research:1. The existing literatures have conducted an extensive research on the issueof whether the resource allocation of the internal capital market is effective fromdifferent angles and achieved fruitful research achievements. However, currentresearches mostly focus on the imploration on the resource allocation efficiency ofthe internal capital market of single enterprises. With the diversification of groupenterprises and the existence of specialization strategy, part of the literature beginsto turn to the research on the relationship between the group enterprise strategyand capital allocation efficiency, but it is not common. In addition, IPO is notunfamiliar to private enterprises but no scholars demonstrate or analyze theeconomic consequence that the IPO of member enterprises will bring to privateenterprises, and ignore the factor that the influence of changes in external capitalmarket efficiency on internal capital market efficiency etc. Therefore, based oncurrent research, this paper starts with the allocation efficiency of group internalcapital market. Using the factors like IPO events of group internal memberenterprise, business strategy taken by the group and the cross-listing of memberenterprises etc, the paper analyzes the influence on the allocation efficiency ofgroup internal capital market and the value of group and member value from manyangles, attempting to sort out the allocation behavior of family corporate’s internalcapital market and the path and mechanism of its value increase in our country,providing policy advices for supervising expropriation and opportunism behaviors of giant shareholder in the internal capital market.2．Referring to Shin&Stulz (1998) and Wulf’s (2009) model to measure theexistence, allocation efficiency and its influencing factors of internal capitalmarket of corporate classes in China. The study found that there existing internalcapital market in corporate classes in China. Under the influence of differentexternal environment and internal characteristics, the efficiency of internal capitalmarket is different too. Located in the higher marketization, better investorprotection, and more sound legal regulation system, the internal capital marketallocation is more efficient; compared with non-state corporate classes, due to amore convenient external financing channels, but also shouldering the socialstability, promoting employment, social security and other kinds of socialresponsibility and political mission, therefore state-owned corporate classes’sinternal capital market allocation efficiency is higher; in state-owned propertyrights of the corporate classes, the central control system group is more perfectthan the local control system of internal capital market, and the configuration ismore efficient; cross-listing, moreover, because of its lower transaction costs andthe ability raise more capital and reduce the degree of information asymmetry, somembers cross-listing contributes to improving the allocation efficiency of internalcapital markets of corporate classes.3．To distinguish the diversity/integration strategy of corporate classes,respectively investigate the IPO spillover effects on the corporate classes of shortterm and long term. Study found that, with the cumulative accumulative returns(CAR) measuring the affiliated members’ spillover effects generated by the IPO inthe short term, the overall market performance of corporate classes is negative, andthe CAR value is negative; and state-owned CAR value is lower, while thenon-state corporate classes market’s performance is better, this may be related to theprice effect in the stock market, IPO underpricing and signal transfer effect and soon; IPO has negative spillover effect on the diversification strategy and horizontalintegration system, non-state corporate classes does better under the horizontalintegration strategy; investors have more confidence on the non-state corporateclasses, vertical integration strategy in which spillover effects change from positiveto negative. By measuring the enterprise IPO long-term spillover effects with the overall value of affiliated members we found that diversification strategy offers thelargest contribution to the overall value promotion, followed by is the horizontalintegration while the vertical integration strategy can promote state-ownedcorporate classes’ value mostly, on the contrary offers deduction effects fornon-state corporate classes’ value. In addition, the IPO has greater promotion tovalue of the state-owned corporate classes than the non-state corporate classes; theIPO of the affiliated members within the corporate classes which has crossed listedcompanies can better promote the overall value of lineage than the non-listed.4．Because of the change of the overall value of the corporate classes canbetter reflect the intrinsic value of the stock fluctuations, thus to explore the causeof the long-term spillover effect can acquire a better knowledge of thecharacteristics and operation mechanism of internal capital markets.Study shows that the degree of information asymmetry is the main factorwhich influences the WACC of the corporate classes of diversification strategy; thespillover effect of IPO is caused by reduction of information asymmetry’s degreeand meanwhile leads the reduction of the cost of capital. And in the corporateclasses of vertical integration strategy, the game ability of the affiliated membersbetween the upstream and downstream partners within corporate classes is the mainfactors which affect the future development, it has been verified by analysis,turnover ratio of accounts receivable is the main factors that affect the level ofcorporate profits, and turnover ratio of accounts payable’s effect is not obvious,which shows that the sooner the enterprise collect accounts from their customers,the better the capital’s liquidity is and the ability of the enterprise paying debtsenhances, but has a weak ability to have the access to the supplier’s capital for free,therefore the reduction of transaction cost is the main reason which caused themembers’ IPO to the vertical integration strategy’s spillover effects; in the corporateclasses of horizontal integration strategy, IPO companies have obvious informationeffects on affiliated members, which is the main factor that cause long-termspillover effect.This study will not only help to interpret and perfect the mechanism andinfluencing factors and the channels of improvement of internal capital marketallocation of resources of corporate classes during our country’s economic transition period in theory, and to promote the value growth of corporate classes ofdiversification/integration, perfect the internal governance structure, improve theefficiency of the internal and external capital markets and provide importantreference to promote macroeconomic stable growth in practice.更多还原