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Research on the Internal Capital Market Operational Efficiency in Privately-Run Business Group

Author: ChenMing
Tutor: NiuYanXiu
School: Dongbei University of Finance
Course: Financial Management
Keywords: private enterprise group internal capital markets efficiency excess value
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 165
Quote: 1
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Abstract

Internal capital market (ICM) is with good resources allocation function, can greatly promote the enterprise value. Along with the development of the enterprise group system, enterprise group’s internal capital market’s working efficiency is gradually becoming the focus of research scholars both at home and abroad. From our country actual situation, our country is in the capital market the beginning stage, all kinds of economic environment is not mature, especially in financing also has the big restrictions. Private economic system is an important supporting power for our country’s socialist market in its construction and development, and is also one of the key problems related to the national comprehensive strength’s steadily raising. Facing the external capital market financing difficulties, established enterprise group, build internal capital markets become private enterprise’s important choice.This article is exactly begin with the particular case of the private economic system in our country, such as external financing difficulties and internal capital markets urgently need to play its proper role, with the reading and summary of scholars’ research both at home and abroad, build up the rationales, put forward 5 hypotheses, finish the analysis, and then get some conclusions and instructions.The first part of this article is mainly about the results of scholars’ research, at home and abroad. Through summarize, the point of this paper has been brought out as the research of the private enterprise group’s internal capital market working efficiency in our country.The third part of the design. Put forward the principle of sample selection, selection methods and indicators to determine the appropriate methods and principles. On this basis, the non-private enterprises, a single business-type private enterprise, private enterprise group data for the three descriptive statistics for comparative analysis.The fourth part is an empirical test. Proposed affect the efficiency of private enterprise within four points of the capital market assumptions, and build a model of this study, through the selection of models and related indicators of China’s private enterprise group internal capital market efficiency of an empirical test, and the impact of private enterprise internal capital market efficiency factors are discussed.The fifth part is conclusions. Draw on China’s private enterprises the operational efficiency of internal capital markets, some of the conclusions from the improved disclosure of corporate information systems to improve internal governance, standard mode of operation of the internal capital market and improve our economy, reduce external financing difficulties of private enterprise group, etc. made a number of related time-sensitive proposals.The innovation of this paper is put forward the necessity of choosing the private enterprise group as the object of study through the comparison of basic data between state-owned enterprise group and private enterprise group, and perfect the inland research of private enterprise. Also, the research in this paper bases on indirect method, which means the best method for researching the ICM in our country is using enterprise excess value to measure the efficiency of ICM, avoided the disadvantages of direct method, and that would make this paper more typically.

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