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The Relevant Empirical Studies between the Efficiency of Internal Capital Market and Corporate Governance

Author: SongYang
Tutor: MuLinJuan
School: Beijing Technology and Business University
Course: Accounting
Keywords: Allocative efficiency of internal capital markets Corporate Governance Major shareholders Management Independent directors
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 137
Quote: 0
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Abstract


Over the years , scholars from a variety of perspectives on the internal capital market allocation efficiency of a large number of research , but has different opinions differ greatly . In this dissertation, Enterprise Group allocative efficiency of the internal capital market from the perspective of the corporate governance of listed companies in China empirical study that corporate governance is an important factor to affect the Enterprise Group 's internal capital market allocation efficiency . China 's listed companies did not provide a detailed segment financial data , previous studies of domestic scholars mostly choose indirect research method , through the analysis of inter-company comparison model . This article with the previous studies , the use of China listed in Hong Kong , but the main business enterprises in the Mainland Group as a sample , select the direct study law , one can use the measurement model of the classic Western , the second is selected Enterprise Group is able to represent our country characteristics of listed companies , and then through the analysis of the corporate governance structure of the internal capital market allocation efficiency model . Empirical analysis found : participating in the test sample , the stake of the largest shareholder and enterprise groups allocative efficiency of internal capital markets was a significant negative correlation , that is, the higher the proportion of the largest shareholder , the more concentrated equity , internal the lower the efficiency of the capital market configuration ; independent directors was a significant positive correlation between the proportion of the Board of directors and the internal capital market allocation efficiency , more independent director of personnel , and the more we can play the effect of supervision and encouragement , the efficiency of the internal capital market allocation Vietnam high ; management the stake and internal capital market allocation efficiency did not pass the test of significance . Thus concludes listed enterprise groups in China must strengthen its corporate governance mechanisms to solve the problem of the largest shareholder and minority shareholder proxy strengthen efforts to manage the management and supervision of the independent directors strength , to improve the governance of listed companies in China mechanisms to improve governance efficiency , so that the internal capital market to fully play its proper function advantages , the rational allocation of internal resources for enterprises to create more wealth .

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