| With the interconnection of global economy,the evolution of new organizational structures and diversified business waves,more and more super business groups or"big business" have emerged.In particular,with the continuous development of China's economy,the reform of state-owned enterprises and state-owned enterprises keeps surging.More and more powerful alliances and mergers formed by the merger of shenhua group and guodian group have emerged,further improving the proportion and quality of state-owned groups.Many scholars study found that enterprise group internal capital allocation between subsidiaries and branch gradually formed "internal capital markets",the process of the enterprise group can make full use of their own background And big and strong advantages in state-owned enterprises,realize the internal capital market should be with ease the financing constraints and positive effect,to improve the efficiency of the allocation of resources in order to reduce the financing cost,realize resources into higher yielding industry so as to realize the efficient allocation of resources.On the other hand,the internal capital market also has many problems such as inefficient allocation of resources and large shareholder wealth transfer.Based on the consideration of social welfare and other objectives,state-owned enterprises often allocate resources to less efficient sectors,resulting in the inefficiency of internal capital market.This paper takes a company,a large state-owned enterprise,as a case to deeply explore and study the logic of resource allocation in the internal capital market of state-owned groups and the economic consequences of such allocation.This paper starts from the relevant theories of the effectiveness and inefficiency of the internal capital market,analyzes the enterprise management and control mode,and finally takes the strategic management and control enterprise as the entry point and takes the operation mode of the internal capital market as the core to conduct case demonstration and form a conclusion.Finally,based on the theoretical analysis and case results,some improvement suggestions are proposed for the improvement of the operating mode of the internal capital market of state-owned enterprises.Specifically,the framework of this paper is as follows:The first part is the introduction,and the paper expounds the background and significance of the topic.The second part is the literature review and theoretical study,review and combing the domestic and foreign about the internal capital market formation,validity,and inefficiencies,etc were reviewed,and relief from the internal capital market financing constraints and optimize the resource allocation efficiency,internal transfer of wealth and diversified capital market led to the rent-seeking behavior,such as cross subsidy behavior inefficiencies pros and cons for theoretical analysis.The third part introduces the basic situation of A company,which analyzes the formation process of the internal capital market,providing the basis for the subsequent analysis of the operation efficiency of the internal capital market.The fourth part makes a case study of the internal capital market of A company,and analyzes the capital operation modes such as establishment of overseas financing platforms,cross-border two-way capital pool,centralized capital management,and direct loan provided by headquarters to ease financing constraints of subsidiaries,offering a guarantee to accomplish oversea acquisitions.This paper fully analyzes the specific operation mode and safeguard measures of the effectiveness of A's capital market and the problems existing in the internal capital market.The fifth part is the theoretical analysis and case conclusion,and puts forward suggestions to improve the efficiency of internal capital market. |
PDF Full Text Request