本文選題：內(nèi)部資本市場效率　切入點：內(nèi)部資本市場規(guī)模　出處：《北京工商大學(xué)》2013年碩士論文

【摘要】：自20世紀80年代至今，我國一直處于計劃經(jīng)濟向市場經(jīng)濟的轉(zhuǎn)型階段。由于計劃經(jīng)濟下，資本掌握在政府手中，條塊分割的制度使得國有企業(yè)難以發(fā)生橫向或縱向的聯(lián)合，因此，政府推動了國有企業(yè)之間的聯(lián)合，以提高社會生產(chǎn)力水平。在我們“摸著石頭過河”的過程中，“企業(yè)集團”概念的被引入，在政府政策和市場導(dǎo)向的共同作用下，國有企業(yè)在不同層次上形成了一批企業(yè)集團，已經(jīng)成為發(fā)展國民經(jīng)濟的核心力量，政府也始終都把大力發(fā)展企業(yè)集團作為一項重要經(jīng)濟政策。政府逐漸將企業(yè)集團由松散型的，以行政管理關(guān)系或經(jīng)濟交往關(guān)系為基礎(chǔ)的聯(lián)合體向緊密的，以產(chǎn)權(quán)為基礎(chǔ)的聯(lián)合體轉(zhuǎn)變。企業(yè)集團通過各種方式進行擴張與成長，逐漸產(chǎn)生了資金集中管理、集團統(tǒng)一授信、競爭性資源配置等制度，這些制度廣泛地存在于各個企業(yè)集團內(nèi)，形成了內(nèi)部資本市場。隨著經(jīng)濟發(fā)展，社會上越來越多愈來愈多的私人資本進入市場，成為推動國民經(jīng)濟的重要力量之一。而企業(yè)集團作為一種高級的組織形式，也逐漸地成為市場中的主流，企業(yè)集團在社會發(fā)展中的重要地位不容忽視。人們對企業(yè)集團的成因進行了諸多的分析與探討，但關(guān)于企業(yè)集團成長的研究少之又少。 本文通過分析企業(yè)集團這種組織形式與市場、企業(yè)之間的區(qū)別，從理論上論證內(nèi)部資本市場是企業(yè)集團成長中的一個重要機制，，并提出了企業(yè)集團成長的概念。并且通過大樣本實證進行了檢驗。通過搜集83家國內(nèi)H股上市公司從2006-2011的數(shù)據(jù)，得到326個樣本，得出以下結(jié)論：（1）企業(yè)集團成長性隨著內(nèi)部資本市場規(guī)模的增加得到提高，超過一定程度后，內(nèi)部資本市場規(guī)模的增加會降低企業(yè)集團成長性；（2）本年的內(nèi)部資本市場的效率越高，企業(yè)集團下年的成長性就越好�；谝陨辖Y(jié)論，提出了3個建議：第一，承認影子銀行，開放民間資本；第二，充分利用內(nèi)部資本市場優(yōu)化集團結(jié)構(gòu)；第三，重視內(nèi)部資本市場，政企要分開。
[Abstract]:Since 1980s, China has been in the stage of transition from planned economy to market economy. Under the planned economy, the capital is in the hands of the government, and the system of partition makes it difficult for state-owned enterprises to combine horizontally or vertically. Therefore, the government has promoted the association between state-owned enterprises in order to raise the level of social productivity. In the process of "crossing the river by feeling the stone", the concept of "enterprise group" was introduced, under the joint action of government policy and market orientation. State-owned enterprises have formed a number of enterprise groups at different levels, which have become the core force for the development of the national economy. The government has always regarded the development of enterprise groups as an important economic policy. The consortia, which are based on administrative relations or economic relations, are transformed into consortia based on close and property rights. Enterprise groups expand and grow through various ways, and gradually produce centralized management of funds and unified granting of credit by groups. Systems such as competitive resource allocation, which widely exist in various enterprise groups, form an internal capital market. With the development of the economy, more and more private capital enters the market. As an advanced form of organization, enterprise groups have gradually become the mainstream of the market. The important position of enterprise group in social development can not be ignored. People have made a lot of analysis and discussion on the cause of formation of enterprise group, but the research on the growth of enterprise group is rare. By analyzing the difference between enterprise group and market, this paper theoretically demonstrates that the internal capital market is an important mechanism in the growth of enterprise group. And put forward the concept of enterprise group growth, and through the large sample empirical test. By collecting 83 domestic H shares listed companies from 2006 to 2011 data, 326 samples, The following conclusions are drawn: (1) the growth of enterprise groups increases with the increase of the scale of the internal capital market. If the scale of the internal capital market increases to a certain extent, the increase of the scale of the internal capital market will reduce the growth of the enterprise groups.) the higher the efficiency of the internal capital market this year, the higher the efficiency of the internal capital market. The better the growth of enterprise groups next year. Based on the above conclusions, three suggestions are put forward: first, to recognize shadow banking and open private capital; second, to make full use of the internal capital market to optimize the group structure; third, Attach importance to the internal capital market, government and enterprises should be separated.
【學(xué)位授予單位】：北京工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F276.4;F832.5

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