公司治理对内部资本市场效率的影响机理研究-会计学专业论文.docxVIP

安徽财经大学硕士学位论文 安徽财经大学硕士学位论文 公司治理对内部资本市场效率的影响机理研究 内容摘要 面对我国尚不健全的外部资本市场所导致企业融资难的现实情况，集团公司纷纷通 过构建自己的内部资本市场以期将外部融资的弊端内部化消除，从而最大程度地提高有 限的资源配置效率，这已成为众多企业的理性选择。我国从 20 世纪 70 年代末起就开始 推进企业的集团化建设，但在受这一进程中出现的委托代理、多元化折价等因素的制约， 内部资本市场的效率被大大削弱。通过对制约内部资本市场配置效率进行深入研究，发 现很多影响因素都与公司治理有关，因此，本文选择从公司治理的角度为切入点，可以 更加全面地剖析出企业集团化建设对内部资本市场配置效率所产生的影响。 为探讨我国内部资本市场的效率性问题，本文选取了 2009—2010 年沪深两市的非 金融类 A 股上市公司为研究样本，并按照系族最终控制人的股权性质来划分样本进行实 证检验。研究结果表明：我国各系族企业内存在着有效的内部资本市场，且“国有系” 的效率是高于“民营系”的；同时，股权集中度越高、董事会治理规模越大则内部资本 市场越有效；而两权分离的程度和管理层持股比例恰恰是与其呈反向变化的；在“国有 系”中独立董事的治理规模越大，则内部资本市场越有效，“民营系”则呈现出相反的 变化关系。 关键词：公司治理 内部资本市场 系族企业 安徽财经大学硕士学位论文 安徽财经大学硕士学位论文 Study on the Relationship between corporate governance and efficiency of internal capital markets ABSTRACT Face to the reality of corporate hard financing situation that happens under the imperfect external capital markets，the enterprise groups have to build their own internal capital markets（ICM）so as to solve the financing internalization， thus maximize the efficiency of limited resource allocation. It has become a rational choice to many enterprises. From the late 1970s，the process has started to promote the construction of the collectivize in China. By the condition of principal-agent and diversification discount factors in this process，the efficiency of internal capital market has been greatly weakened. Through in-depth study found that restricting the efficiency of the internal capital market allocation many influencing factors are related to the corporate governance，and therefore， we chose the view of corporate governance as the starting point could provide a more comprehensive analysis of the collectivize development to the impact on the allocative efficiency of internal capital markets. To investigate the efficiency of the internal capital market in China，the paper selects the non-financial corporate in Shanghai and Shenzhen A-share listed companies in 2009-2010 as the research sample，according by the final control human nature of equity and in accorda