Research On The Influence Of Equity Characteristics And Investment Diversification Degree On Internal Capital Market Efficiency

In recent years,with the rapid development of China's economy,the new organizational form of enterprise group has set off a wave.The former relatively single enterprise subject has gradually developed into the collectified multi-legal entity subject,and the capital allocation efficiency has become the key for enterprise group to build the core competitiveness,improve the market share and even survive for a long time.In diversification strategy is increasingly popular as well as the share reform,the implementation of the change of enterprise ownership structure,corporate governance,investment decisions have a profound effect,against the background of the research enterprise group diversification degree and efficiency of internal capital market relations and further explore the regulating effect of equity characteristics,to improve the efficiency of internal capital market provides practical evidence and revelation is particularly important.Firstly,this paper expounds the research background and significance,sorts out the research status of domestic and foreign scholars and comments on the achievements and shortcomings.On the basis of defining the three core concepts of equity characteristics,investment diversification degree and internal capital market efficiency and relevant theories,this paper proposes the research hypothesis.Second reference to related research and enterprise group structure to build the measure model of investment diversification and to establish the degree of diversification of the independent variables impact on the efficiency of internal capital market of multivariate regression model,selecting Shanghai and shenzhen A shares of state-owned enterprise group of listed companies as the research object,with the related data from 2014 to 2018 as research samples,empirically the relationship between the degree of diversification and efficiency of internal capital market,and further verified the regulating effect of equity characteristics.The research found that:at the present stage of China,the degree of investment diversification is positively correlated with the efficiency of the internal capital market,the equity diversity and equity balance have significant positive adjustment effect on the above relationship,and the equity diversity is obviously better than the equity balance.Finally,according to theempirical research results,in view of the conclusion that the internal capital market efficiency of Chinese groups is low and the regulating effect of equity diversity is stronger than the equity balance degree,relevant policy Suggestions are put forward from both inside and outside the enterprise groups.