Empirical Study Of Enterprise Group’s Internal Capital Market Efficiency

After entering the21st century, Global economic integration is more obvious, Enterpriseorganizations face increasing pressure, The formation of larger enterprise groups have become aninevitable choice, Internal capital market has the perfect the optimal allocation of internal capitalmore and more attention. Internal capital market with a series of questions of efficiency andefficiency of how higher research on the development of enterprise groups in China have some ofthe theoretical and practical significance.Papers as the theoretical basis for the existence and efficiency of the internal capital market,Learn from scholars on the research results of the internal capital market, First analysis of thefactors influencing the efficiency of the internal capital market and the underlying theory;Then, thebasis of the handmade statistics listed companies on the Shanghai and Shenzhen and Hong Kongstock data sample disclosure of segment reporting, Application of empirical research based on thelast of return on the cash flow sensitivity of some listed companies internal capital marketefficiency.The empirical results show, Internal capital market of the listed companies of enterprise groupsis effective, And to confirm the effectiveness of the internal capital market, through diversificationand enterprise value of the internal financial intermediaries, Enterprise Group, the three explanatoryvariables. That the internal capital market with more than three indicators showed a significantpositive correlation. Finally, based on empirical findings corresponding to strengthen thesupervision of the Enterprise Group’s internal capital allocation and improve and standardize theinformation disclosure system of listed companies segment reporting, and take full advantage of therecommendations of the internal financial intermediaries.