Analysis On The Efficiency Of The Group's ICM From The Perspective Of Diversification

In recent years,with the continuous development and implementation of China's various policies,China has maintained sufficient momentum of development in the context of the global economic downturn.Various types of enterprises have mushroomed and grown rapidly.The relevant mechanisms of the market have been continuously improved and the demand for financing has also.In order to survive and develop,all kinds of enterprises,especially large and medium-sized enterprises,are constantly carrying out a large number of mergers,acquisitions and reorganizations,and diversifying their layouts,eventually spawning a large number of enterprise groups.However,it should be noted that,on the one hand,due to the late start of China's financial system,the gap between it and developed countries is large,and there are deficiencies in information asymmetry in the external capital market.On the other hand,in the process of diversified development of the group,the internal transaction reduces the overall rate,weakens the information asymmetry,stimulates the supervision and incentive,and makes up for the shortage of the external capital market,and the internal capital market emerges at the right moment.However,the "multi-money effect" caused excessive investment,and the continuous expansion of scale caused new agency problems,which in turn led to "cross-subsidization." The internal capital market under scrutiny became a tool for profit delivery.There is no doubt that the internal capital market is two sides of the coin,and the efficiency of its resource allocation has even affected the success of the enterprise group.Along with our country economy status of promotion in the world,domestic enterprises have not only merged and reorganized in the domestic capital market,but have also made great efforts in the international market.Enterprise groups have become a common organizational form,and in the country,“construction and improvement In the context of "hierarchical capital market",the internal capital market,which is also a place for resource allocation,also needs to be regulated,and there is still much room for domestic research on internal capital markets.In view of the deficiencies of the above studies,this paper plans to start from the causes of the emergence of group enterprises,take the diversification of the group at the overall level as the starting point,and use relevant theories to study its impact on the efficiency of the group's internal capital market,and supplement the existing research.This paper studies the core issue for: the group's overall strategy of diversifying the impact on the efficiency of internal capital market,at the same time caused by the change of the group strategy of diversifying a series of internal capital market allocation efficiency change,accordingly improve gm technology group,the internal capital market allocation efficiency is feasible countermeasures and suggestions.This paper uses the relevant financial data of TY Group from 2013 to 2018 for empirical test,and draws the following conclusions :(1)Limited diversification can promote the internal capital market of the group;(2)The internal capital market efficiency of state-owned enterprise groups needs to be improved.The innovation of this paper is to analyze the operation of TY Group's internal capital market in the form of case analysis and the diversification strategy as the entry point,which provides empirical research for the implementation of diversification strategy management of enterprise groups,and provides certain theoretical guidance and policy Suggestions for the development of China's internal capital market of enterprise groups.