The Impact Of Strategic Reconciliation On The Efficiency Of Internal Capital Markets

The internal capital market is ubiquitous in group companies,and it has various advantages such as easing financing constraints,supervision and incentives,and reducing information asymmetry,which is conducive to increasing corporate value.With the rapid development of diversified operations,a large number of group companies have emerged.However,in recent years,there have been frequent cases of enterprise groups in the world due to excessive diversification strategies that have led to the breaking of the capital chain.As an important factor influencing the efficiency of the internal capital market,a large number of companies are aware of the risks that excessive diversification may bring,and thus embark on the road of nuclear development.Under the restructuring and deployment of refocusing strategy,the operation mode of the group's internal capital market will also change,which will have an impact on the resource allocation of the internal capital market.Therefore,in-depth study of the impact of strategic refocusing on the internal capital market efficiency of enterprises,and on this basis,optimization of internal capital market resource allocation has become an important topic.The existing research on the internal capital market mainly focuses on empirical research,and its understanding of its internal mechanism and implementation path is still very vague.This article will use a case study method to expand core business and shrink non-compliant The core business context is to explore the mechanism and path for the two to affect the internal capital market.Through research,it is found that the transformation of the company's business strategy from excessive diversification to centralized operation can improve the efficiency of the internal capital market,and demonstrates the path of "refocusing strategy-internal capital market operation-internal capital market efficiency" model.Excessive diversification of the enterprise has caused an imbalance in the business model,thus transforming into a refocusing strategy.The internal capital market operation is adjusted under the deployment of the reverting strategy,divesting and selling non-core businesses,and the allocation of internal resources to the core business to achieve strategy At the same time improve the efficiency of the internal capital market.On the basis of this conclusion,this article puts forward policy recommendations for optimizing the allocation of resources in the internal capital market.With a view to enriching the relevant research on the internal capital market and providing reference for enterprise groups with similar business models.