本文選題：上市公司　切入點(diǎn)：內(nèi)部資本市場(chǎng)　出處：《南昌大學(xué)》2014年碩士論文

【摘要】：基于內(nèi)部資本市場(chǎng)已有理論，本文通過(guò)實(shí)證研究，針對(duì)內(nèi)部資本市場(chǎng)對(duì)企業(yè)價(jià)值的影響進(jìn)行了分析。得出如下結(jié)論：一，通過(guò)現(xiàn)金流敏感性模型的數(shù)據(jù)得出，我國(guó)上市公司內(nèi)部資本市場(chǎng)配置效率并不高，僅有一半左右的上市公司內(nèi)部資本市場(chǎng)的配置效率是符合預(yù)期的；內(nèi)部資本市場(chǎng)對(duì)企業(yè)有一定的增值作用，這與國(guó)內(nèi)學(xué)者研究結(jié)論基本一致。二，，內(nèi)部金融中介與內(nèi)部資本市場(chǎng)企業(yè)相對(duì)價(jià)值正相關(guān)，這意味著內(nèi)部金融中介確實(shí)能提高內(nèi)部資本市場(chǎng)的配置效率，表明在我國(guó)企業(yè)集團(tuán)中的資金池、結(jié)算中心或財(cái)務(wù)公司發(fā)揮了一定的積極作用，內(nèi)部金融中介通過(guò)統(tǒng)一融資，降低了交易成本，提高了企業(yè)的對(duì)外議價(jià)能力，發(fā)揮了企業(yè)內(nèi)部監(jiān)督的作用，有利于企業(yè)價(jià)值的增加。三，企業(yè)規(guī)模、多元化程度與內(nèi)部資本市場(chǎng)企業(yè)相對(duì)價(jià)值整體是正相關(guān)的，企業(yè)規(guī)模越大，更有利于激發(fā)內(nèi)部金融中介發(fā)揮作用，內(nèi)部資本市場(chǎng)的配置效率則更高；上市公司多元化程度越高，也更有利于提高內(nèi)部資本市場(chǎng)的配置效率，企業(yè)也更能增值。
[Abstract]:Based on the existing theory of internal capital market, this paper analyzes the influence of internal capital market on enterprise value through empirical research.The conclusions are as follows: first, through the data of cash-flow sensitivity model, it is concluded that the efficiency of internal capital market allocation of listed companies is not high, only about half of the internal capital market allocation efficiency of listed companies is in line with expectations;Internal capital market has a certain value-added effect on enterprises, which is basically consistent with the conclusion of domestic scholars.Second, there is a positive correlation between internal financial intermediation and the relative value of enterprises in the internal capital market, which means that internal financial intermediation can really improve the allocation efficiency of the internal capital market, indicating that the pool of funds in the enterprise groups in our country,The clearing center or financial company has played a positive role. Through unified financing, internal financial intermediaries have reduced transaction costs, improved the ability of enterprises to negotiate outside prices, and brought into play the role of internal supervision of enterprises.It is beneficial to the increase of enterprise value.Third, the scale and diversification of the enterprise is positively related to the relative value of the enterprise in the internal capital market. The larger the scale of the enterprise is, the more favorable it is to stimulate the internal financial intermediary to play its role, and the higher the allocation efficiency of the internal capital market is.The higher the diversification of listed companies, the better the allocation efficiency of internal capital market, and the more value-added enterprises can be.
【學(xué)位授予單位】：南昌大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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