内部资本市场存在性、有效性及其公平性的理论演绎

doi:10.16381/j.cnki.issn1003-207x.2015.07.007

中国管理科学 ›› 2015, Vol. 23 ›› Issue (7): 53-59.doi: 10.16381/j.cnki.issn1003-207x.2015.07.007

内部资本市场存在性、有效性及其公平性的理论演绎

龚志文¹, 陈金龙²

1. 景德镇陶瓷学院工商学院, 江西景德镇 333403;
2. 华侨大学工商管理学院, 福建泉州 362021

收稿日期:2013-03-07 修回日期:2013-07-24 出版日期:2015-07-20 发布日期:2015-07-22
作者简介:龚志文(1971-),男(汉族),湖南新化人,景德镇陶瓷学院工商学院,硕士生导师,副教授,博士,研究方向:公司财务与内部资本市场.
基金资助:
教育部人文社科基金资助项目(12YJA630012);中央高校基本科研业务费(JB-SK1103)

Theoretical Deduction on Existence, Effective and Its Fairness of Internal Capital Markets

GONG Zhi-wen¹, CHEN Jin-long²

1. School of Business Administration, Jingdezhen Ceramic Institute, Jingdezhen 333001, China;
2. School of Business Administration, Huaqiao University, Quanzhou 362021, China

Received:2013-03-07 Revised:2013-07-24 Online:2015-07-20 Published:2015-07-22

摘要/Abstract

摘要： 文章构建了大股东控制下的企业集团内部资金借贷优化模型,推导并演绎了内部资本市场的存在性、有效性和公平性。研究发现,理想型内部资本市场实现了资本配置的最优化,形成参与博弈各方"共赢"的局面;附加冲突成本的效率型内部资本市场在一定条件下存在和有效,可以持续维持参与博弈各方的持续合作,实现社会福利的增加;利益输送型内部资本市场资本配置扭曲,有损效率性和公平性,并且不可持续。本文的结论可以为实证研究提供理论依据。

关键词: 内部资本市场, 控股股东, 资金借贷, 股权结构

Abstract: An optimization model about the borrowing of funds within enterprise group under the control of major shareholders is set up, in which the existence, effectiveness and fairness of internal capital markets is deduced. It is found that, capital allocation optimization may result in the ideal internal capital markets, in a "win-win" situation for all parties involved in the game. While the internal capital allocation can be kept,continuous cooperation of all parties, and increasing in social welfare can be met in the internal capital markets with conflicting costs under certain conditions.A distorted capital allocation may result in the transfer of benefits type of internal capital markets, where the internal capital allocation was not sustainable, and the efficiency and fairness is compromised. Conclusions of this study provide a theoretical basis for the empirical research.

Key words: internal capital markets, controlling shareholders, capital borrowing, ownership Structure

中图分类号:

F275.1

龚志文, 陈金龙. 内部资本市场存在性、有效性及其公平性的理论演绎[J]. 中国管理科学, 2015, 23(7): 53-59.

GONG Zhi-wen, CHEN Jin-long. Theoretical Deduction on Existence, Effective and Its Fairness of Internal Capital Markets[J]. Chinese Journal of Management Science, 2015, 23(7): 53-59.

参考文献

[1] Alchian A A. Corporate management and property rights[M]//Manne H. In economics policy and the regulation of corporate securities. Washington,DC:American Enterprise Institute,1969.

[2] Williamson O E. Markets and hierarchies:Analysis and antitrust implications[M].New York: The Free Press,1975.

[3] Khanna T, Palepu K.Is group affiliation profitable in emerging markets? An analysis of diversified Indian business group[J].Journal of Finance,2000,43(3):268-85.

[4] Shin H, Park Y S. Financing constraints and internal capital markets: Evidence from Korean "Chaebols"[J].Journal of Corporate Finance,1999,5(2):169-191.

[5] Perotti E,Gelfer S.Red barons or robber barons?governance and investmentin Russian financial industrial group[J].European Economic Review,2001,45(9):1601-1617.

[6] Samphantharak K.Internal capital markets in business groups[R]. Working Paper, University of Chicago,2003.

[7] 周业安,韩梅.上市公司内部资本市场研究—以华联超市借壳上市为例分析[J].管理世界,2003,(11):118-143.

[8] 杨锦之,陈健,卢闯.企业集团内部资本市场的存在性与效率性[J].会计研究,2010,(4):50-56.

[9] Deloof M .Internal capital markets,bank borrowing,and financing constraints:Evidence from Belgian firms[J],Journal of Business Finance & Accounting,1998,25(7):945-968.

[10] Islam S, Mozumdar A.Financia1 market development and the importance of internal cash:Evidence from international data[J]. Journal of Banking & Finance,2007,31(3):641-658.

[11] Khanna T. Business groups and social welfare in emerging market:Existing evidence and unanswered questions[J].European Economic Review,2000,44(4-6):748-761.

[12] 杨棉之.内部资本市场、公司绩效与控制权私有收益——以华通天香集团为例分析[J].会计研究,2006,(12):61-67.

[13] Matsusaka J G, Nanda V.Internal capital markets and corporate refocusing[J].Journal of Financial Intermediation,2002,11(2):176-211.

[14] 邵军,刘志远."系族企业"内部资本市场有效率么?—基于中国"系族企业"的实证检验[J].中国会计评论,2009,7(3):271-281.

[15] 郝颖,刘星. 大股东自利动机下的资本投资与配置效率研究[J].中国管理科学,2011,19(1):167-176.

[16] 刘星,刘理,豆中强.控股股东现金流权、控制权与企业资本配置决策研究[J].中国管理科学,2010,18(6):147-154.

[17] 豆中强,刘星,刘理. 控制权私利下的企业资本配置决策研究[J].中国管理科学,2010,18(5):152-158.

[18] Stein J.Agency,information and corporate investment[J].Handbook of the Economics of Finance 2003,1(1):111-165.

[19] La Porta R, Lopez-de-Silane F, Shleifer A, et al. Investor protection and corporate valuation[J].Journal of Finance,2002,57 (3):1147-1170.

内部资本市场存在性、有效性及其公平性的理论演绎

Theoretical Deduction on Existence, Effective and Its Fairness of Internal Capital Markets

PDF (PC)

可视化

被引次数

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 11

Metrics

本文评价

推荐阅读 10

[1]	甘柳, 杨波. 时间偏好不一致下控制权私利与最优股权结构[J]. 中国管理科学, 2020, 28(6): 51-62.
[2]	危平, 杨明艳. 基于组织复杂性视角的金融集团内部资本市场效率研究[J]. 中国管理科学, 2017, 25(6): 11-21.
[3]	龚志文, 陈金龙. 基于演化博弈的企业集团内部资本转移激励机制研究[J]. 中国管理科学, 2017, 25(4): 26-32.
[4]	王昌荣, 马红, 王元月. 基于宏观经济政策视角的我国企业负债融资研究[J]. 中国管理科学, 2016, 24(5): 158-167.
[5]	于飞, 刘明霞. 组织演化理论视角下的股权结构与子公司生存——环境突变、冗余资源的调节作用[J]. 中国管理科学, 2014, 22(5): 138-148.
[6]	刘星, 计方, 郝颖. 大股东控制、集团内部资本市场运作与公司现金持有[J]. 中国管理科学, 2014, 22(4): 124-133.
[7]	曹裕. 产品市场竞争、控股股东倾向和公司现金股利政策[J]. 中国管理科学, 2014, 22(3): 141-148.
[8]	肖明, 吴慧香, 张群, 颜瑞. 基于宏观经济视角的我国上市公司现金持有量研究[J]. 中国管理科学, 2013, 21(3): 28-34.
[9]	党文娟, 张宗益, 吴俊. 基于博弈论的均衡股权结构治理模型研究[J]. 中国管理科学, 2008, 16(3): 164-172.
[10]	陈永庆, 王浣尘. 双边激励与风险企业的股权结构配置[J]. 中国管理科学, 2002, (2): 20-23.
[11]	吴文明. 一类合资企业的最优股权结构[J]. 中国管理科学, 2001, (5): 45-48.