The Research On Influence Factors Of Internal Capital Markets’ Efficiency In Chinese Enterprise Groups In Financial Security Perspective

After entering the 21st century, especially since China’s accession to the WTO in 2001, the world economic situation is fast changing, its door in our country in a more tolerant attitude usher in unprecedented challenges. In this situation, the government strongly advocated the development of large enterprise groups to integrate the advantages of internal capital allocation to meet the challenge. Faced with the economic crisis and the volatility of the world’s great background, maintain the effectiveness of the internal capital market allocation, grasp the influence factors of internal capital market allocation efficiency, it has a great theoretical significance and practical significance to the present research and the whole enterprise group of China’s economic development. In this paper, the internal capital market theory and the theory of financial security as the basis for China’s Shanghai and Shenzhen listed companies in the group for the study, the overall characteristics of the sample group analysis, including sample distribution and the efficiency of the industry analysis, the distribution of China’s listed companies industry group is more widely, the proportion of enterprises in traditional industries remains high, but the internal configuration of the efficiency of the capital market is not optimistic. In contrast, companies in emerging industries, although the proportion is low but it is gradually improved, and the internal capital market allocation of slightly more efficient than the traditional industries and enterprises. Simultaneous sample business diversification and efficiency analysis, the country engaged in the operation of a single group of listed companies accounted for more than half, its internal capital market configuration is invalid. The proportion of diversified business group is slightly lower, but the internal capital market allocation is valid. Then analyze the efficiency of the overall configuration in 2011-2013 Enterprise Group, find that the efficiency of Chinese listed companies’group internal capital market allocation is low but the overall rise. Secondly based on the capital safety angle to do internal capital allocation factors affecting test and establish the model, find that inventory turnover rate, the proportion of the largest shareholder has a significant positive correlation with the internal capital market allocation efficiency. ROE, the proportion of independent directors and the asset size of the internal capital market has a weak positive correlation with the internal capital market allocation efficiency. Quick ratio has a weak negative correlation with the efficiency of internal capital market allocation. Finally, according to the model and combined with our special situation indicates a description of proposed research revelation and the deficiencies of this article.