Research On The Influence Of Corporate Governance Structure On The Efficiency Of Internal Capital Market

The concept of internal capital market was originally proposed by Alchian(1969),Williamson(1970,1975),and it has gradually become an emerging topic in the research among domestic and foreign scholars in the process of growth and development of diversified enterprises.In the diversified enterprise group,the company will gather the cash flow generated by the division and make a reasonable redistribution to achieve the effective allocation of resources.in fact,the internal capital market of enterprise group plays an active role in this process.Whether the internal capital market can play an effective role,that is,whether the internal allocation of capital can enhance the value of enterprises,is the focus of internal capital market research.Under the special system environment in our country,most of the enterprise group has the pyramid shareholding structure,ownership concentration on the high side,there is an agent relationship between the shareholders and the management of the enterprise,there is also an agency relationship between the major shareholders and the small and medium-sized shareholders.The various stakeholders in the company will have complicated interest relationship because of the principal-agent relationship.These corporate governance problems have seriously affected the operation efficiency of the internal capital market of the enterprise group,and reduced the value of the enterprise,which seriously hindered the development and expansion of the enterprise group.So,the corporate governance structure is the important influence factors that influence efficiency of internal capital market,and in this article,the internal capital market is referring to the internal capital market of enterprise group,rather than the internal capital market of a single enterprise.How to perfect the corporate governance and the effective functioning of the internal capital market is one of the important issues that China’s enterprise groups have to solve.In view of the above problems,it is of great significance to combine the corporate governance structure with the internal capital market efficiency into the in-depth study,it will not only promote enterprise groups to improve corporate governance,but also can improve the efficiency of internal capital markets to enhance corporate value.In order to study the corporate governance structure on the influence of internal capital market efficiency,this article studies the influence on internal capital market efficiency from the perspective of corporate governance structure,I choose the 2015a-share listed companies as research samples,and the types are classified according to the actual controller,the sample is divided into "the state department" and "private" empirical research.By using the method of direct research and indirect research,first,the cash flow sensitivity method is used to make an initial overall measurement of the internal capital market efficiency of the enterprise group,and then,excess value is used to calculate the enterprise value,and through the enterprise value and the relationship between the internal capital market efficiency indirectly reflect the internal capital market efficiency,and then establish the model of excess value and nature of the company,ownership concentration,the board of directors characteristics and the regression,management incentive quantitative verification of the hypothesis of this article.By studying the following conclusions: under the background of the special system in China,internal capital market of the enterprise group efficiency is low,the internal capital market efficiency of the department of state-owned enterprise group is higher than private enterprise group,and the article also found that the first big shareholder shareholding and executives shareholding relationship with the enterprise groups were positively correlated,but the relationship between the board characteristics and the internal capital market efficiency is not significant,at the same time,I also put forward some policy suggestions based on the results of this study.