| Since the 90s of the last century,the private affiliated group has grown up with the institutional reforms in China and has now occupied a pivotal position in the capital market.Affiliated group has a number of listed companies,whose advantage regarding resource has promoted the overall growth of the group.However,in the course of the development of private enterprises,there are also plenty of cases where the private affiliated group eventually collapsed.The reason for this fact is that the inefficient resource allocation in internal capital market is an important factor leading to the failure of the affiliated group.The collapse of a huge affiliated group not only undermines the interests of its stakeholders,but also affects the stability of the entire market order.Therefore,it is of great practical significance to study the operation mechanism of the internal capital market of private affiliated group and the factors affecting the efficiency of capital allocation.From the perspective of internal capital market,this article explores the factors affecting the efficiency of internal capital allocation through in-depth comparison and analysis of the construction process,interna;capital operation methods,and internal capital allocation efficiency of Zhongji Group and Fosun Group,and has given some policy recommendations.The study found that:The internal capital market of Zhongji Group is inefficient.The internal capital market has become a tool for tunneling activities of actual controllers and has damaged the value of the company.The internal capital market of Fosun Group is generally efficient.With the continuous maturation of its internal capital operation mechanism,the internal capital market has increasingly exerted its value-added effect.The nature of diversification,the organization model of internal capital market,the ownership structure,the overall level of listing,and the differences in the market environment have caused differences in capital allocation efficiency of the internal capital markets between Zhongji Group and Fosun Group.The main contributions of this paper are:selected the failure case of affiliated group that occurred in recent years,analyzing the construction process and internal capital operation methods in detail,and showing the brand new situation of the Chinese private affiliated group.In addition,this article discussed the efficiency of the internal capital market through comparative analysis and elaborated the internal capital market operation differences and the factors that influence the efficiency difference more clearly and deeply,providing solid support and supplement for the existing research results. |
