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Research on the Influence of Internal Capital Market on Enterprise Value

Author: ZhouXiuMing
Tutor: HeJianGuo
School: Chongqing University of Technology
Course: Accounting
Keywords: Internal capital market Enterprise Group Enterprise Value Internal capital transactions Related party transactions
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 139
Quote: 0
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Abstract


Because our country has not yet been established external capital markets severely limit makes to external capital markets financing drawbacks internal corporate financing activities on the external capital markets, through the formation of the internal capital market to solve the problem of fund raising is a rational choice. Enterprise Group as senior corporate organization development patterns in China's economic reform has an important strategic position. 80s from the 20th century, the Chinese government began to promote the construction of enterprise groups, so that a large number of listed companies in China exist in the enterprise group. Internal capital markets as the inevitable outcome of the development of enterprise groups, characteristics and mode of operation of internal capital market in China and its impact on the enterprise value of its continuous improvement, the advantages of enterprise groups in China to improve the efficiency of internal capital allocation play significant. The prevalence the ownership level agency problem under the auspices of the double agency relationship to the listed companies in China and our country at this stage is the lack of a strong and effective system to protect the interests of minority shareholders and governance mechanisms, have control over the shareholder may use management decisions advantages to damage the interests of other shareholders. Shareholders have control over the transfer or conveyance of interests through the internal capital market, optimizing internal capital allocation function of the internal capital market fails to play and a tool for the expropriation of small shareholders, reduce the enterprise value. This innovation of the definition of internal capital transactions involving significant equity class of non-operating internal capital configuration, asset trading and restructuring class, money lending class and associated guarantees class four types of related party transactions, as the characteristics of the internal capital market variables, use the event study methodology and regression analysis combining empirical analysis, taking into account the part of the overall revenue impact, and to examine its impact on enterprise value. The results show that the first three types of internal capital operation and the equity class operation, short-term (10 days) in the observation window and long-term (6 months) showed a significant negative excess cumulative yield market negative effects ; through regression analysis also found that the presence of internal capital markets significantly reduced the enterprise value. Therefore, capital allocation function of the internal capital market in China has not been able to play a role, but has become the tool of occupation of listed companies, a group led by equity-type transactions, its overall market inefficiency, internal capital allocation indirectly provide valid and invalid dispute the evidence.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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