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The Construction and Effect Evaluation of Internal Capital Market in the Enterprise Groups

Author: XueJingJie
Tutor: LiRenHua
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Enterprise Group Internal capital market Evaluation of
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 157
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Abstract

In China, the Group has become a prevalent form of organization. Corporate diversification strategy in China despite a late start, but there are also more than 10 years of development history. In recent years, with the development of diversified enterprise group of the Enterprise Group's internal capital market and the effects of the operation of attention by scholars, the operation of the internal capital market has become the objective requirement and an important means of development and growth of the enterprise group. More important is that China's capital market \To both circumvent the supervision of the relevant departments, and can achieve a large shareholder interest demands, the output and input of many Group will be achieved through the internal capital market interests. Datang Group's internal capital market, for example, by way of its internal capital markets, motivation, as well as the effect of internal capital allocation study, we found that enterprise groups that exist within the phenomenon of \enterprise groups based on its own strategic plan of the member companies of the funds allocated to the efficiency of the internal capital market can not jump to conclusions because of the transfer of benefits between the member companies. Combined with China's specific national conditions and background, to study the economic consequences of the internal capital market, not only to expand the connotation of the capital markets, and help to improve the internal capital market theory, but also help to crack the Enterprise Group's internal financial operations difficult problem, and at the same time for the relevant regulatory departments to improve systems and regulations provide the basis. In this paper, Datang Telecom Group as a case study diversified enterprise group internal capital market, as well as building effect evaluation. The article is divided into a total of five parts: the first part is the introduction introduces the research background and significance, after the research for this article, the framework for the interpretation and summary of research ideas and papers, the last main contribution of this paper and shortcomings supplement. The second part is the basic theory of the internal capital market. This chapter first research results of domestic and foreign capital markets within the comb, refined by comparing the commentary there, then the theoretical basis for the definition of internal capital markets, features, functions, and its use to elaboration. The third part describes the Enterprise Group now use to build the internal capital market method, usually enterprise groups will be listed as a whole through mergers and acquisitions or stripping listed the creation of an internal market, then focus through a common internal products or services between internal borrowing The mode of operation of the internal replacement of assets or equity transfer, internal guarantees to build the internal capital market. The fourth part of the first theoretical model of of several internal capital market efficiency, interpretation, and combined with the knowledge of knowledge to improve on previous theoretical model. As a case then before the definition of internal capital markets and the corresponding theoretical induction, Datang Group, analyzing the construction and operation of the internal capital market and establish before the adoption of the model from a financial point of view and strategic point of view, two aspects of its internal The efficiency of capital allocation to carry out a comprehensive evaluation. The fifth part is the conclusion, some suggestions on how to build an efficient internal capital market, that is, to optimize the organizational structure, develop and improve their internal trading system, the establishment of a dedicated internal financial institutions. The main features compared with other literature that: First, the previous literature defined internal capital markets, usually from a different angle to understand, from a variety of perspectives on the definition of internal capital markets elaborate clear internal border of the capital market; Second, the segment data is not easy to collect, most of the literature in the study of the internal capital allocation efficiency using alternative variables (such as the number of listed companies, whether belonging to the Group's control, or the degree of diversification) indirect sexual concluded, this article by direct measurement of the operation and efficiency of the internal capital market indicators; previous literature is generally an empirical test of the entire listed company data, or the inner workings of a conglomerate owned by the whole, as a case study and a conglomerate select the appropriate financial indicators, evaluation model of the internal capital market efficiency has been improved, as standard combined with the strategic objectives of the enterprise group to analyze its internal capital allocation. The fourth paper of economics and management science combined, these two perspectives starting the efficiency of the internal capital market is divided into two: one is based on the principle of efficiency evaluation, an evaluation is based on the strategic principles. And raised the level of efficiency alone can not determine whether the configuration of internal capital optimization, but also requires a combination of strategic development to comprehensive evaluation. Datang Group is not listed as a whole, the the internal transaction information is not fully disclosed, Therefore, in the analysis of the efficiency of the internal capital market, we only collected data disclosure by listed companies as the reference standard. Not totally, but it is possible to a certain extent illustrative.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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