【作者】 郑洁；

【导师】 张兆国；

【作者基本信息】 华中科技大学 ， 会计学， 2010， 硕士

【摘要】 在现代市场经济条件下,资金的获取主要有两种渠道:一是通过外部资本市场,即证券市场和信贷市场;二是通过企业内部获取,即内部资本市场。我国外部资本市场经历了20多年的发展逐渐完善,但仍不发达。因此内部资本市场的出现从某种意义上讲是外部资本市场很好的补充。融资约束是企业普遍存在的问题,在我国,随着企业规模的不断扩大以及企业集团和系族企业的迅速增加,内部资本市场的发展也由于能够缓解外部融资约束等优势而开始日益受到重视。但是,随着内部资本市场的发展,其在企业中的功能会产生异化的趋势,出现诸如“交叉主义”、“隧道效应”等问题。那么,内部资本市场在我国的企业集团中究竟是缓解了融资约束还是加剧了这一现象呢,如何在发挥内部资本市场的积极作用的同时避免其功能异化,这不仅是一个现实选择的问题,而且是一个从理论上有待于研究并给予明确回答的问题。本文在综述国内外相关研究成果,着重运用内部资本市场理论,采用规范研究与实证研究相结合的研究方法,借鉴国际经验,结合我国的市场环境和制度背景,对内部资本市场对企业融资约束的影响进行了较系统的研究。首先,本文对内部资本市场现有的研究文献按不同观点进行了梳理归纳,发现内部资本市场具有积极作用,也有消极作用。然后,对内部资本市场与企业外部融资约束进行理论分析和模型分析,在此基础上结合中粮集团的案例,对内部资本市场与企业融资约束的关系进行了实证考察,为判断我国企业内部资本市场缓解融资约束提出了较客观的经验证据。最后,为我国企业集团完善内部资本市场,提高资金配置效率提出了政策建议。通过研究发现,内部资本市场是一把“双刃剑”,即既可能产生正效应也可能产生负效应,因此要发挥内部资本市场的积极作用,就必须建立一套有效的制度安排,包括董事会制度、监事会制度、内部控制制度以及财务管理体制、资金使用考评制度等内容。更多还原

【Abstract】 In the modern market-oriented economy, there are two main channels for companies to obtain the capital they need: one is external capital markets: stock market and credit market; the other is internal capital market. The external capital market in our country has being developing for over 20 years, but still haven’t achieve a developed level. Therefore, the arise of ICM is a complement to ECM in a sense. Financial constraint is a common problem that all the companies are facing. In China, as the continuous expansion of business scale and the rapid increase of the Enterprise Group and the family enterprises, the development of ICM have been paid more and more attention because of its superiorities such as the function of releasing financial constraints and so on. But there also some catabolic functions emerge, such as“socialization”and“tunneling effect”. So, whether the function is positive or negative in enterprise group in China and how to play the positive role of internal capital markets are not only realistic choices, but questions to be studied and given a clear answer theoretically.In this paper, it’s on the basis of the results of recent studies reviewed and mainly use the theory of internal capital market, with the research methods of theory related with practice, drawing on international experience, combined with China’s market environment and institutional background, this paper has a more systematic study on the the efficiency of internal capital market allocation of capital. Firstly, this paper has a theory research on the characteristics of internal capital markets and the effectiveness of basic issues, and it finds that the role of internal capital market has positive and also negative effects. Then, on the basis of combining the Zhongliang Group case, it has an empirical study on the efficiency of capital allocation of the internal capital markets, to determine efficiency of capital allocation of internal capital markets raises more objective empirical evidence. Finally, it proposes polices and recommendations to improve the internal capital market and the efficiency of capital allocation. After the study, we find that the internal capital market is a "double-edged sword", that it may have both positive and negative effect. It must establish effective institution arrangements which including the Board of Directors system, supervisory system, the internal control system and the financial management system, the use of capital appraisal system and so on, if it wants to play an active role in the internal capital market.更多还原