本文選題：國有企業(yè)集團 + 內(nèi)部資本市場　； 參考：《華東師范大學》2014年碩士論文

【摘要】：內(nèi)部資本市場是與外部資本市場相對的一個概念,是企業(yè)資金在內(nèi)部流動和配置的市場。雖然我國對內(nèi)部資本市場的研究相對較晚,但是在實踐中,企業(yè)內(nèi)部資本市場卻是普遍存在的。尤其是國有企業(yè)集團的內(nèi)部資本市場,由于國有企業(yè)集團一直是我國經(jīng)濟發(fā)展的中堅力量,所以其內(nèi)部資本市場的運作一直是學者們關(guān)注的話題。有的學者認為內(nèi)部資本市場是有效的,它具有監(jiān)督激勵的優(yōu)勢,可以緩解融資約束以及提高資本配置的效率。但是有的學者則從內(nèi)部代理問題,過度投資,損害中小股東的利益的角度出發(fā)深入剖析了內(nèi)部市場給企業(yè)集團帶來的風險。本文將從內(nèi)部資本市場對企業(yè)可能造成的風險出發(fā),通過委托代理理論,結(jié)合國有企業(yè)集團自身特有的屬性,分析國有企業(yè)集團內(nèi)部資本市場對財務(wù)風險的影響。 本文的寫作思路如下：首先,通過梳理國內(nèi)外經(jīng)典文獻確定了本文的研究思路和基本框架。然后根據(jù)“內(nèi)部資本市場”和“國有企業(yè)集團”各自的內(nèi)涵和特點進行了分析和討論,得出我國國有企業(yè)集團內(nèi)部資本市場功能異化的結(jié)論,并在此基礎(chǔ)上分析了內(nèi)部資本市場對財務(wù)風險的影響。接著運用理論和實證相結(jié)合的研究方法,以2008年到2012年國有企業(yè)集團中的上市公司為樣本,采用面板數(shù)據(jù)模型的方法對國有企業(yè)集團內(nèi)部資本市場對財務(wù)風險的影響進行了驗證。最后,根據(jù)前文的分析結(jié)論,提出通過采取適當措施來提高公司治理水平、優(yōu)化內(nèi)部股權(quán)結(jié)構(gòu),以降低國有企業(yè)集團內(nèi)部資本市場運作對財務(wù)風險的負面影響。 國有企業(yè)集團對我國國民經(jīng)濟的發(fā)展至關(guān)重要,隨著國有企業(yè)改革的不斷深入,如何規(guī)避財務(wù)風險、完善公司治理是當前亟待解決的問題。所以,本文的研究對于如何進一步推進國有企業(yè)改革,促進國有上市公司健康發(fā)展具有非常重要的現(xiàn)實意義。
[Abstract]:The internal capital market is a concept opposite to the external capital market. It is a market in which enterprise capital flows and allocates internally. Although the study of internal capital market in our country is relatively late, in practice, the internal capital market of enterprises is ubiquitous. Especially the internal capital market of state-owned enterprise groups, because state-owned enterprise groups have been the backbone of our economic development, so the operation of its internal capital market has been a topic of concern to scholars. Some scholars believe that the internal capital market is effective, it has the advantage of supervision and incentive, can ease the financing constraints and improve the efficiency of capital allocation. However, some scholars deeply analyze the risks brought by the internal market to the enterprise group from the angle of internal agency problem, excessive investment and damage to the interests of minority shareholders. This paper will analyze the influence of the internal capital market on the financial risk through the principal-agent theory and the special attributes of the state-owned enterprise groups from the perspective of the risks that the internal capital market may cause to the enterprises. The ideas of this paper are as follows: first, through combing the classical literature at home and abroad to determine the research ideas and basic framework. Then, according to the connotation and characteristics of "internal capital market" and "state-owned enterprise group", the conclusion is drawn that the internal capital market of state-owned enterprise group in our country is dissimilated. On this basis, the influence of internal capital market on financial risk is analyzed. Then using the theoretical and empirical research methods, taking the listed companies in state-owned enterprise groups from 2008 to 2012 as a sample, Panel data model is used to verify the influence of internal capital market on financial risk in state-owned enterprise groups. Finally, according to the above analysis conclusion, the author puts forward that appropriate measures should be taken to improve the level of corporate governance and optimize the internal ownership structure, so as to reduce the negative impact of the operation of the internal capital market on the financial risk of state-owned enterprise groups. The state-owned enterprise group is very important to the development of our national economy. With the deepening of the reform of the state-owned enterprise, how to avoid the financial risk and perfect the corporate governance is an urgent problem to be solved. Therefore, the research of this paper has very important practical significance for how to further promote the reform of state-owned enterprises and promote the healthy development of state-owned listed companies.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.1;F832.51;F275

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