Research On The Efficient Allocation Of Internal Capital Market And Influence Factors

Internal capital market has the function of reducing the information problems and inspiration conflicts between the enterprise and external capital markets, reducing the financing cost and improving the financial resources'allocate efficiency. At present, scholars inclined to construct "Chinese groups" to study the internal capital market efficiency, in essence, is the ultimate controlling shareholder of a number of listed subsidiaries with capital allocation problem. This paper point of view from the listed company's business segments to examine the internal capital market efficiency and the influence factors.This article summarizes and sort of related research has been carried out abroad, drawing on external capital market operation, theoretical analysis of the internal capital market capital allocation process and system. For the internal capital market suffered in the course of internal and external influence, combined with principal-agent theory and the impact of national macro-control policies for the efficiency of internal capital market allocation of the main factors are:the interests of the ultimate controlling shareholder of predatory behavior, management of agency problems and the pressure of industrial transformation and upgrading o This paper selected the2009-2010segment reporting disclosure of listed companies for the study sample, through its internal capital market efficiency empirical test, the paper found that:overall, about half of the listed company's internal capital market is efficient; local government-controlled companies compared to other companies, their internal capital markets less efficient; extractive industries relative to other industries, its internal capital markets efficient. Vote right and cash flow right greater degree of separation of powers, the efficiency of internal capital markets lower; the higher the proportion of minority interests, the greater the size of the board of supervisors, the higher the efficiency of internal capital markets; directors share holding ration of the internal capital market efficiency impact is not obvious. On this basis, this paper presents policy recommendations and future research prospects.