Research On The Efficiency Of HNA Group’s Internal Capital Market Under The Diversified Strategy

My country’s economy in pace and in quality has turned into a high quality development and various economic structures are facing transformation and upgrading.Based on the main line of supply-side reform,my country’s large enterprise groups will become the backbone of Destocking,cost reduction,capacity reduction,shortcomings,deleveraging.In the development of the group,diversified operations and internal capital markets are playing an increasingly important role.Under the pressure of economic downturn,studying the resource allocation efficiency of the internal capital market under the diversification strategy of large enterprise groups is of great significance for enriching the theory and practice of my country’s internal capital market.Due to the uniqueness of the background of China’s economic system,in China’s academic circles have not yet reached the same consensus on the effectiveness of the internal capital market in various types of enterprise groups,what role does the internal capital market play in the allocation of group resources.There are numerous factors that cause changes in the efficiency of internal capital markets,and in this thesis,I use diversification as a starting point to study its impact on the efficiency of internal capital markets,which I believe is a meaningful direction of research.From the perspective of diversification strategy,relying on internal capital market management theory,this thesis chooses HNA Group,an enterprise group with a relatively large and diversified internal capital market system,as the research object.This dissertation is divided into six parts:The first part is the preface.Clarify the research background and significance of this thesis,related domestic and foreign theories,research content,framework and other content;The second part is the theory of internal capital market and diversification.Introduce the theory of internal capital market and diversification strategy and the relationship between diversification strategy and internal capital market;The third part is about the analysis of the operation status of the internal capital market of HNA Group.Introduce to HNA Group,diversified management and internal capital market construction process.Using the relevant data of each segment of the 10 A-share listed companies under the HNA Group from 2015 to 2019 as the research sample,in-depth study of8 relatively active operating modes in the internal capital market of HNA Group,these complex and diverse operation methods play an important role in enriching the internal capital market of the group;The fourth part is the efficiency of HNA Group’s internal capital market under the diversified management strategy and analyze the reason.Select the measurement method of internal capital market efficiency and diversification suitable for this paper,and explore the relationship between HNA Group diversification and internal capital market efficiency.The following conclusion was drawn:the efficiency of the capital market within the HNA Group was ineffective in 2016-2019,HNA Group is more diversified,the excessive unrelated diversification of the group reduces the efficiency of the internal capital market.Then analyze the reasons for the low efficiency of the internal capital market is the frequent mergers and acquisitions of HNA Group,excessive use of financial leverage,and excessive unrelated diversification of business strategies;The fifth part is the suggestion to improve the efficiency of HNA Group’s internal capital market.The first is to optimize the internal control of the enterprise group.The second is to give full play to the advantages of the internal financing platform.The third is to establish relevant diversified development led bythe main aviation industry and the rational development of non-related diversified industries.And the fourth is to strictly implement relevant national policies;The sixth part is the research conclusion and prospect.