發(fā)布時(shí)間：2018-04-12 17:58

  本文選題：系族企業(yè) + 內(nèi)部資本市場(chǎng)�。� 參考：《內(nèi)蒙古科技大學(xué)》2013年碩士論文

【摘要】：在我國經(jīng)濟(jì)快速發(fā)展的現(xiàn)階段，我國外部資本市場(chǎng)成立僅有短短的幾十年的時(shí)間,其發(fā)展即使迅速，但是仍不健全，因此給內(nèi)部資本市場(chǎng)的發(fā)展帶來了可能。同時(shí)由于它具有緩解融資約束以及合理調(diào)配內(nèi)部資金源的優(yōu)勢(shì)，因此引來了不少學(xué)者對(duì)其進(jìn)行研究。近年來,在我國的證券市場(chǎng)上出現(xiàn)了不少像“招商系”、“華潤系”、“魯能系”等大型系族企業(yè)，這些系族企業(yè)內(nèi)部之間都存在著各種方式的內(nèi)部資本配置行為（如內(nèi)部擔(dān)保、借貸、關(guān)聯(lián)方交易、增資等），由此形成了一個(gè)個(gè)內(nèi)部資本市場(chǎng)，但是之前學(xué)者的研究發(fā)現(xiàn)，我國大型企業(yè)的內(nèi)部資本市場(chǎng)的運(yùn)行效率較低，，且存在著許多無效配置的情況。在我國這一特殊經(jīng)濟(jì)時(shí)期，研究影響內(nèi)部資本市場(chǎng)運(yùn)行效率的原因，對(duì)于發(fā)揮內(nèi)部資本市場(chǎng)的優(yōu)勢(shì)有重要意義，同時(shí)還有利于系族企業(yè)更有效地利用內(nèi)部資本市場(chǎng)，使其更好地發(fā)揮作用，提高企業(yè)的價(jià)值及核心競(jìng)爭力。 本文首先回顧了之前學(xué)者對(duì)于內(nèi)部資本市場(chǎng)研究的相關(guān)文獻(xiàn)，包括內(nèi)部資本市場(chǎng)的存在性、效率性、對(duì)企業(yè)價(jià)值產(chǎn)生的影響以及影響內(nèi)部資本市場(chǎng)運(yùn)行效率的因素，然后選取2009年至2011年在我國滬、深兩市A股的上市系族企業(yè)作為研究樣本，對(duì)我國系族企業(yè)內(nèi)部資本市場(chǎng)的運(yùn)行效率進(jìn)行了實(shí)證評(píng)價(jià)，評(píng)價(jià)結(jié)果表明我國系族企業(yè)內(nèi)部資本市場(chǎng)運(yùn)行效率低下，并且有將近一半的系族企業(yè)的內(nèi)部資本市場(chǎng)是無效率運(yùn)行。本文的重點(diǎn)是系族企業(yè)內(nèi)部資本市場(chǎng)運(yùn)行效率影響因素的實(shí)證分析，在這一部分中，本文按照系族企業(yè)內(nèi)部資本市場(chǎng)運(yùn)行是否有效分別建立了內(nèi)部資本市場(chǎng)運(yùn)行效率影響因素顯著性檢驗(yàn)的回歸模型進(jìn)行回歸分析，回歸結(jié)果表明高管前三名薪酬總額對(duì)數(shù)、多元化程度、每股經(jīng)營凈現(xiàn)金流量、資產(chǎn)負(fù)債率以及資金占用率與內(nèi)部資本市場(chǎng)的運(yùn)行效率存在顯著的相關(guān)關(guān)系，并根據(jù)回歸結(jié)果及對(duì)比數(shù)據(jù)分析對(duì)內(nèi)部資本市場(chǎng)運(yùn)行無效的系族企業(yè)進(jìn)行了相應(yīng)的改進(jìn)及預(yù)測(cè)。文章最后根據(jù)前文的分析和結(jié)論，分別從激勵(lì)機(jī)制、多元化程度以及系族企業(yè)的財(cái)務(wù)管理機(jī)制三個(gè)方面提出了提高內(nèi)部資本市場(chǎng)運(yùn)行效率的改進(jìn)措施。
[Abstract]:At the present stage of rapid economic development, China's external capital market has only been established for a short period of several decades. Even if it develops rapidly, it is still not sound, so it has brought the possibility to the development of internal capital market.At the same time, because it has the advantage of easing the financing constraints and rationally allocating the internal capital, it has attracted many scholars to study it.In recent years, in China's securities market, there have been many large family enterprises such as "Merchants Department", "China Resources Department", "Luneng system" and so on.There are a variety of internal capital allocation behaviors (such as internal guarantee, loan, related party transactions, capital increase and so on) among these family enterprises, thus forming a series of internal capital markets, but previous scholars have found that,The internal capital market of large enterprises in China is inefficient, and there are many situations of invalid allocation.In this special economic period of our country, it is of great significance to study the reasons that affect the efficiency of the internal capital market, which is of great significance to the exertion of the advantages of the internal capital market, and at the same time, it is beneficial to the family enterprises to make more effective use of the internal capital market.Make it play a better role, improve the value of enterprises and core competitiveness.This paper first reviews the previous literatures on the internal capital market, including the existence and efficiency of the internal capital market, the influence of the internal capital market on the enterprise value, and the factors that affect the efficiency of the internal capital market.Then select the listed family enterprises in Shanghai and Shenzhen from 2009 to 2011 as the research samples, and make an empirical evaluation on the operating efficiency of the internal capital market of the family enterprises in China.The evaluation results show that the internal capital market of the family enterprises in our country is inefficient, and nearly half of the domestic capital markets of the family enterprises are inefficient.This paper focuses on the empirical analysis of the factors influencing the efficiency of the internal capital market of the family enterprises. In this part,In this paper, regression analysis is carried out according to whether the internal capital market is effective or not. The regression analysis shows that the top three top executive salaries are logarithmic.The degree of diversification, net operating cash flow per share, asset-liability ratio and capital occupancy rate have significant correlation with the efficiency of the internal capital market.According to the regression results and the comparative data analysis, the paper makes corresponding improvement and prediction for the related enterprises whose internal capital market does not work well.Finally, according to the above analysis and conclusion, the paper puts forward some measures to improve the efficiency of internal capital market from three aspects: incentive mechanism, diversification degree and financial management mechanism of family enterprises.
【學(xué)位授予單位】：內(nèi)蒙古科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5;F275;F276.5

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