Research On The Influence Of The Internal Capital Market Efficiency On The Internal Capital Scale And Diversification Degree

In recent years,China have been already recognized as Emerging developing market countries in the world,and the economy of the two is also in a growing trend,a large number of enterprises form a group of enterprises through mergers and acquisitions,so the internal capital market theory has also caused extensive discussion.Enterprise Group is already a very common form of organization in our country,and has become an important component of China's economy.As C hina's external capital market is not yet developed,as an effective alternative and supplement,the group of e nterprises gradually produced internal capital market of centralized management of funds,the Group unified credit,competitive resource unified allocation.The theory of internal capital market was first proposed by Williamson and others.With the vigorous development of the group organization in the world,the research on the internal capital market of the group has gradua lly increased.As China's enterprises are still in the initial stage of diversified development,the scale of enterprises is relatively small,the corresponding internal capital is not large,so the internal capital market research is not a lot.At present,there is very little internal capital scale,the degree of diversification of these two factors together to study the relationship between the efficiency of the internal capital market.Therefore,this paper attempts to study the relationship between the three.This paper sorts out the theory of internal capital market,analyzes and reviews the documents of the domestic and foreign related internal capital market and enterprise group allocation efficiency of ICM,put forward four hypotheses on the analysis of the impact of internal capital scale and diversification on the efficiency of enterprise group ICM allocation.According to the national standards,H-share listed companies are required to accounting and public their data,such as cost,income,liabilities,segment assets and capital expenditure and depreciation of specific data,and our country mainland listed companies are not forced to disclose relevant information,so the mainland listed companies cannot satisfy the demand,and H-share listed companies can meet the needs of the calculation of enterprise group ICM allocation efficiency.This paper selects 2007-2015 H group companies as the sample,starting from the internal capital scale,diversification perspective,through the empirical test of the data by StataSE11 software,with the internal capital scale,the degree of diversification of these two factors together as a starting point to study the relationship between the efficiency of the internal capital market.The study found that: at the present stage of our country enterprise group ICM allocation efficiency is generally effective,but the efficiency is not high;the present stage company group in our country the degree of diversif ication,internal capital market scale is not large,enterprise ICM allocation efficiency increases with the expansion of the scale of internal capital;The efficiency of enterprise group ICM increases with the degree of diversification;The size of the internal capital increases with the degree of diversification;The degree of diversification has an effect on the efficiency of enterprise group ICM al ocation through internal capital scale.