| There exist serious information problems and inspiration conflicts in China between the imperfect External Capital Market (ECM) and the enterprise at present, which have seriously limited the financial activities of the enterprise on ECM. In order to overcome the incertitude and reduce the transaction costs, the enterprise's rational selection should be to solve the financial problem by the establishment of Internal Capital Market (ICM).Being an advanced developing form of Modern Corporation, the enterprise group owns a strategic situation in the process of economic reforming. While ICM is one of the products of the enterprise group in its developing process, its development and perfection is an important factor for the advantage's exertion of the enterprise group.Firstly, based on the definition of the enterprise group's internal capital market, the dissertation expounds the realistic significance of strengthening the construction of the enterprise group's ICM.Secondly, the dissertation studies a number of theoretical problems of the enterprise group's ICM, and points out that ICM is superior to ECM on lowering the financial costs and making the resource allocations better.Thirdly, the dissertation discusses the practical operations of ICM from a practical angle from the following two parts: the funds' circulation and allocation.Finally, the dissertation probes to construct the organization machinery of the enterprise group's ICM in our country by comparison with internal bank, financial company and the enterprise group's invest bank, and concludes that the logic and historical developing process of the organization form on the enterprise group's ICM should be: internal bank-financial company-the enterprise group's invest bank. |
