Research On Internal Capital Markets Of Enterprise Groups

Different internal capital markets of Our enterprise group have different operational conditions.The status of internal capital market determines the effectiveness of the quality of enterprise groups. China is currently in a period of stable financial reform, Lack of understanding of internal capital market conditions, enterprise group could not make a clear estimate of their own internal capital markets. Internal capital markets of Chinese enterprises have unique features of our country’s economic transition,are different with those in Western countries.At present, most researches on internal capital market theory are focused on efficiency, and effectiveness has also been a hot topic. Our attention paying to the impact of internal capital markets are often only based on analysis of a consortium or a "line", while the overall comparative analysis of the internal capital market are far toenough.Combined With China’s national situation and based on the internal capital market conditions analysis,this paper analyses and researches the operational efficiency of internal capital markets. Based on data envelopment analysis model (Data Envelopment Analysis, short for DEA), relevant financial data of China’s listed enterprise group is studied and sorted out.Also,with the use of DEAP 2.1 software, operational efficiency, pure technical efficiency, scale efficiency and returns of scale of internal capital markets China’s enterprises which may arise were summarized and Conclusions were drawn by comparing the performance of samples of different decision unit (Decision Making Units, short for DMU), researching and studying operational efficiency of internal capital market conditions. This paper points out the main results from the perspective of research of internal capital market efficiency hoping to make some suggestions as a reference value for the Improvement of internal capital market and to provide some meaningful information for future research.