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

【摘要】：自20世紀(jì)80年代至今，我國(guó)一直處于計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)的轉(zhuǎn)型階段。由于計(jì)劃經(jīng)濟(jì)下，資本掌握在政府手中，條塊分割的制度使得國(guó)有企業(yè)難以發(fā)生橫向或縱向的聯(lián)合，因此，政府推動(dòng)了國(guó)有企業(yè)之間的聯(lián)合，以提高社會(huì)生產(chǎn)力水平。在我們“摸著石頭過(guò)河”的過(guò)程中，“企業(yè)集團(tuán)”概念的被引入，在政府政策和市場(chǎng)導(dǎo)向的共同作用下，國(guó)有企業(yè)在不同層次上形成了一批企業(yè)集團(tuán)，已經(jīng)成為發(fā)展國(guó)民經(jīng)濟(jì)的核心力量，政府也始終都把大力發(fā)展企業(yè)集團(tuán)作為一項(xiàng)重要經(jīng)濟(jì)政策。政府逐漸將企業(yè)集團(tuán)由松散型的，以行政管理關(guān)系或經(jīng)濟(jì)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(tuán)通過(guò)各種方式進(jìn)行擴(kuò)張與成長(zhǎng)，逐漸產(chǎn)生了資金集中管理、集團(tuán)統(tǒng)一授信、競(jìng)爭(zhēng)性資源配置等制度，這些制度廣泛地存在于各個(gè)企業(yè)集團(tuán)內(nèi)，形成了內(nèi)部資本市場(chǎng)。隨著經(jīng)濟(jì)發(fā)展，社會(huì)上越來(lái)越多愈來(lái)愈多的私人資本進(jìn)入市場(chǎng)，成為推動(dòng)國(guó)民經(jīng)濟(jì)的重要力量之一。而企業(yè)集團(tuán)作為一種高級(jí)的組織形式，也逐漸地成為市場(chǎng)中的主流，企業(yè)集團(tuán)在社會(huì)發(fā)展中的重要地位不容忽視。人們對(duì)企業(yè)集團(tuán)的成因進(jìn)行了諸多的分析與探討，但關(guān)于企業(yè)集團(tuán)成長(zhǎng)的研究少之又少。 本文通過(guò)分析企業(yè)集團(tuán)這種組織形式與市場(chǎng)、企業(yè)之間的區(qū)別，從理論上論證內(nèi)部資本市場(chǎng)是企業(yè)集團(tuán)成長(zhǎng)中的一個(gè)重要機(jī)制，，并提出了企業(yè)集團(tuán)成長(zhǎng)的概念。并且通過(guò)大樣本實(shí)證進(jìn)行了檢驗(yàn)。通過(guò)搜集83家國(guó)內(nèi)H股上市公司從2006-2011的數(shù)據(jù)，得到326個(gè)樣本，得出以下結(jié)論：（1）企業(yè)集團(tuán)成長(zhǎng)性隨著內(nèi)部資本市場(chǎng)規(guī)模的增加得到提高，超過(guò)一定程度后，內(nèi)部資本市場(chǎng)規(guī)模的增加會(huì)降低企業(yè)集團(tuán)成長(zhǎng)性；（2）本年的內(nèi)部資本市場(chǎng)的效率越高，企業(yè)集團(tuán)下年的成長(zhǎng)性就越好�；谝陨辖Y(jié)論，提出了3個(gè)建議：第一，承認(rèn)影子銀行，開放民間資本；第二，充分利用內(nèi)部資本市場(chǎng)優(yōu)化集團(tuán)結(jié)構(gòu)；第三，重視內(nèi)部資本市場(chǎng)，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(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F276.4;F832.5

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