Research On Operation Efficiency Of Internal Capital Market Of The Oceanwide Group

Since the reform and opening up,China's market economy has developed rapidly,and enterprise group management has become more normal.A large number of private enterprise groups has gradually emerged,and play an increasingly important role in China's economic growth.Enterprises build enterprise groups through mergers and reorganizations,integrate multiple independent enterprises with group headquarters as the core,and play the role of internal capital market(ICM)in easing financing constraints and optimizing capital allocation through internal capital operation of the group.However,in recent years,due to the slowdown of China's economic growth and the weak vibration of capital market,the enterprise investment and financing environment have deteriorated to varying degrees,which has a greater impact on private enterprises,so that the internal capital operation of private enterprise groups does not always create value for the group,and even damage the value of enterprises,making ICM configuration inefficient.Therefore,it is more and more important to study the effectiveness of ICM and its influencing factors of private enterprise group.Based on the above background,this paper selects the private enterprise the Oceanwide Group as the case object,uses the method of combining the theoretical and case studies.Based on the existing literature,this paper first sorts out the construction processes and methods of the Oceanwide Group's ICM,and then analyzes the efficiency of the ICM by the adjusted profit sensitive coefficient method and enterprise value analysis.The results show that the ICM configuration of the Oceanwide Group is inefficient.Finally,by analyzing the influencing factors of ICM allocation efficiency of the Oceanwide Group,some corresponding suggestions are put forward,with a view to providing references for other private enterprise groups to improve the efficiency of ICM allocation and achieve value creation goals.This paper concludes as follows:(1)The ICM efficiency of the Oceanwide Group is low,and the value creation effect of its frequent internal capital operation is not significant;(2)The Group's investment strategy prioritizes the diversification strategy,the pyramid-based equity structure under the unique share and the rapid expansion of ICM have had a certain impact on the allocation of ICM,and as a result,the ICM allocation efficiency of the Oceanwide Group is low.In view of the above research conclusions,the following reasonable suggestions are proposed:(1)Coordinate the expansion progress and the scale of the group,so that the capital allocation of the group can give full play to the value creation effect;(2)Optimize the internal governance structure of the group,improve the control structure and decision-making mechanism of the group;(3)Establish an internal financial intermediary within the group to ensure investment efficiency and benefit;(4)The government establishes and improves the laws and regulations on related transactions,independent directors and information disclosure.