内部资本市场配置效率与融资能力关系研究(硕士)(论文30000字)
摘 要
在发达国家，外部资本市场早已发展的较为成熟，其在中国的发展几经波折，也在趋于完善。然而在外部资本市场上，不论是国外还是国内都存在交易成本、逆向选择、信息不对称等问题。这些问题都使企业面临较高的融资成本，不得不想方设法探索新的、更为合理的融资方式。在这样的背景下，内部资本市场应运而生，众多企业通过兼并重组来组建企业集团行为风靡全球。在企业集团内部资本市场产生的初期，它为企业经营提供了不竭的动力，也为企业走出融资困境做出了不可忽视的贡献，然而随之产生的多重代理问题和隧道效应也相继被学者们发现，有的学者更是发现了内部资本市场功能的异化，开始怀疑内部资本市场能不能缓解融资约束。自此，学术界对于内部资本市场的作用便争论不断。同时，在研究内部资本市场配置效率与企业融资能力关系领域，我国的研究也较少。所以，能够通过实证研究我国内部资本市场配置效率与融资能力的关系不论在理论上还是实践中都很有意义。
本文期望通过实证分析，探讨我国企业集团的内部资本市场在企业融资过程中到底发挥着怎样的作用，对于企业集团的融资能力到底是起着正向还是反向的作用，以期对我国企业集团建设与发展提供一些基于实证分析的建议。
本文的主要内容如下：
第一章，导论。对于本文的研究背景和研究意义进行介绍，并对该领域国内国外的相关文献进行陈述与评价。
第二章，理论基础。本章出于研究内部资本市场配置效率与融资能力关系的目的，首先阐述融资约束理论，结石企业面临的外部融资环境，接着对内部资本市场理论及其作用的发挥进行陈述。对于内部资本市场对融资约束影响的分析，本章在提出内部资本市场的“有效论”与“无效论”的基础上，再具体分析内部资本市场的融资优势与融资劣势。
第三章，对我国内部资本市场的整体配置效率进行检测，证明了其有效性，为后续的实证分析提供了基础，并保证本文研究的可行性。
第四章，实证分析。建立了实证研究模型，以反映内部资本市场配置效率与融资能力的关系，并运用回归分析来探讨二者之间的关系，进而在内部资本市场有效配置的基础上，探讨其能否对外部融资能力的提升起到积极作用。
第五章，作为全文的结论部分，笔者就如何保证企业集团内部资本市场有效运行提出了建议。本章参考了我国学者对与我国内部资本市场运行过程中所存在问题的研究，结合上一章节实证分析结果，笔者分别从宏观和微观两个层面出发，对于如何在我国企业集团中良好运行内部资本市场提出了可行的建议，从而使内部资本市场的正面效应得得以发挥，切实改善企业集团的融资能力。
在理论研究与实证分析的基础上，本文得出内部资本市场配置效率与企业融资能力之间有明显的正相关关系，即有效的内部资本市场可以对企业融资能力起到正向的促进作用。同时，本文较之原有的研究有着明显的创新之处：
（1）采用直接研究法，分别研究了外部融资增量和企业获利能力对上市公司分部层面内部资本市场配置效率的关系，考虑到A股上市公司所披露的分部信息无法提供直接计算内部资本市场效率的一些基础数据，本文选用H股多分部上市公司为研究样本，并且选用2010～2012年最新数据，更符合现今的市场状况，同时运用3年的数据也能尽量减少误差。
（2）在研究视角上，本文不再像之前学者一样研究内部资本市场的替代作用，而是研究内外部资本市场的替代作用，并通过实证模型直接检验了内部资本市场提升外部融资能力的作用；从提升上市公司融资能力的角度上研究内部资本市场，而不像众多文章一样泛泛而谈，也不局限于研究缓解融资约束的功能，而是旨在通过提升内部资本市场配置效率来全面加强企业融资能力。
关键字：内部资本市场，企业集团，融资，配置效率
ABSTRACT
In developed countries, the external capital market development is relatively mature, already its development in China, after several twists and turns, is perfect. In the external capital market, however, whether foreign or domestic there are transaction costs, information asymmetry, adverse selection, and so on. In such a background, the internal capital market arises at the historic moment, and caused many enterprises through the wave of merger and reorganization to form enterprise groups. The emergence of business group internal capital market to a great extent, alleviate the financing constraints faced by firms, however, multiple agency problem and tunnel effect have been scholars found that the internal capital market for enterprise financing constraints ease worsening or role, academia is divided. So, study the internal capital market allocation efficiency and the relationship between financing ability no matter in theory or in practice is very meaningful.
By positive analysis, this article hopes to explore our country enterprise group's internal capital market in enterprise financing really play a role in the process, for the financing ability is the enterprise group to play the role of a forward or reverse, in order to our country enterprise group construction and development to provide some advice based on the empirical analysis.
The main content of this paper is as follows:
The first chapter, introduction. Mainly introduces the research background and research significance of the article, and evaluate the related literature.
The second chapter, For internal capital market analysis of the impact of financing constraints, in this chapter put forward the internal capital market theory of "effective" and "effect" theory, on the basis of more detailed analysis of internal capital market financing advantages and disadvantages of financing.
The third chapter, the overall allocation efficiency of internal capital market in
China, has proved its validity, the empirical analysis provides the basis for follow-up, and ensure the feasibility of the research.
The fourth chapter, the empirical analysis. Response through the establishment of internal capital market allocation efficiency and financing ability relationship model, using the method of regression analysis demonstrates the internal capital market allocation is effective and the relationship between external financing ability strong or weak, and then study effective internal capital markets can play a positive role in improving the capacity of external financing.
The fifth chapter, about perfecting the enterprise group's internal capital market operational mechanism. This chapter combines the result of empirical analysis, as well as our country enterprise group internal capital market operation mechanism of practical problems, from two aspects: macro and micro Suggestions to consummate our country enterprise group's internal capital market operational mechanism suggestion, so that the positive effect of internal capital markets get full play, and improve the financing ability of enterprise group.
On the basis of theoretical research and empirical analysis, this paper concluded that the internal capital market allocation efficiency and significantly positive correlation between corporate financing ability, the effective internal capital markets can play a positive role in promoting to the enterprise financing ability. At the same time, this paper compared with the existing research has obvious innovation:
(1) the direct method, from the listed company division level on the efficiency of internal capital market and the relationship between external financing and the empirical analysis, selection of H shares many branch listed companies as research samples, overcome due to the imperfect division information disclosure cannot directly computing problem of a-share listed company's internal capital market efficiency, and selects the latest data from 2010 to 2012, more in line with current market conditions, and using the data from 3 years to minimize the error.
(2) on the research Angle of view, this article has innovative study of internal capital market complementary functions, the internal capital market has the function of external financing capacity for direct inspection; From the Angle of improving the capacity of financing of listed companies, research on the internal capital market, and not like the writing, aims to study the internal capital market allocation efficiency through ascension to strengthen enterprise financing ability.
Keywords：Internal capital markets, Enterprise group, Corporate finance, Capital
allocation
目 录
摘 要 1
ABSTRACT 3
第一章 导论 1
1.1 研究背景 1
1.2研究目的和意义 2
1.3文献回顾与评价 3
1.3.1国外文献 3
1.3.2国内文献 5
1.4 研究方法和基本框架 6
1.4.1研究方法 6
1.4.2基本框架 7
1.5本文创新 9
第二章 理论基础 9
2.1融资约束理论 9
2.1.1信息不对称理论 9
2.1.2交易成本理论 10
2.1.3委托代理理论 11
2.1.4优序融资理论 12
2.2内部资本市场理论 13
2.2.1内部资本市场融资评价 14
2.2.2内部资本市场融资优劣势 16
2.3本章小结 19
第三章 我国企业内部资本市场有效性检测 20
3.1内部资本市场效率检测模型 20
3.2内部资本市场效率分析 22
3.2.1样本的基本数据 22
3.2.2内部资本市场效率测度结果 24
3.3本章小结 25
第四章 实证研究 25
4.1研究假设 26
4.2指标设计 26
4.2.1内部资本市场效率指标（自变量） 26
4.2.2外部融资指标（因变量） 27
4.2.3控制变量 27
4.3实证研究计量模型 28
4.4模型分析 29
4.4.1描述性分析 29
4.4.2 线性回归分析 31
4.4.3稳健性检验 33
4.5实证研究结论 36
第五章 结论 37
5.1宏观层面 37
5.1.1健全法律制度 37
5.1.2加强市场监督 38
5.1.3加快资本市场发展 38
5.2微观层面 39
5.2.1加强企业集团内部财务管理 39
5.2.2加强企业集团内部公司治理 40
5.2.3推动企业集团的整体上市 41
5.2.4建立合理企业集团组织结构 41
5.3本章小结 41
参考文献 43 |
