文档介绍：首都经济贸易大学
硕士学位论文
我国企业集团内部资本市场效率研究
姓名:赵大鹏
申请学位级别:硕士
专业:会计学
指导教师:张家伦
20100301
摘要
我国现在越来越重视发展大型的企业集团,并将大力发展企业集团作为我国经济
改革和发展的重点。要想很好地发展企业集团,使企业集团高效率地发展,企业集团
内部的各种资源配置便显得较为重要,如何充分发挥好内部资本市场资本配置的功能
对于企业集团的发展具有重大意义,特别是在当前全球金融危机的大背景下。本文主
要研究我国企业集团内部资本市场的效率问题,旨在通过研究得出我国企业集团内部
资本市场效率的现状以及提高效率的相关措施。
本文首先回顾了历史关于内部资本市场研究的相关文献,将其分为了四大类分别
是存在性、有无效率、与外部资本市场关系和发展中国家的内部资本市场。之后介绍
了内部资本市场的有关理论,分别是内部资本市场与企业组织理论、内部资本市场优
劣势、内部资本市场的边界等。本文的重点是对 2006-2008 年我国企业集团内部资
本市场效率的实证检验,和对潍柴动力集团的实证案例分析,最后得出了存在于我国
企业集团的内部资本市场效率是较低的,甚至是无效的结论。
文章最后就我国企业集团内部资本市场效率低下的结论,分别从企业集团的财务
管理、内部治理结构与外部治理结构三大角度提出了相关的改进措施。

关键词:企业集团内部资本市场效率
I
ABSTRACT
Now China pay more and more attention to develop large-scale enterprise groups, and
will develop enterprise-group economic reform and development in China. To make
enterprise groups efficiently develop, the enterprise group's internal resources
configuration is very important. How to give full play to internal capital markets is of great
significance especially in the global financial crisis background, such as the capital
allocation function of the enterprise groups. This paper mainly put emphasis on the
enterprise group's internal capital markets. The efficiency of the internal capital is the key
point by studying Chinese enterprise groups. According to the results, there will be some
suggestions about how to improve the efficiency of the internal capital market.
This paper reviews the research history of internal capital market on the related
literature, which is divided into four categories. It respectively is existence, efficiency, the
relationship between internal capital market and external capital market and developing
countries’ internal capital markets. And the next is the introduction of relevant theory of
internal capital market, including about anization theory and internal capital
markets, the advantages and disadvantages of int