| The group tends to obtain more capital through internal capital market operation.Since the internal members of the group tend to have higher correlation,financial risks will spread among the group members along the internal capital market operation mode.Different modes of operation of internal capital market will lead to different efficiency of internal capital market.Under different degree of internal capital market efficiency,financial risk contagion results are also different.In this paper,through reviewing the literature researches,from the theoretical analysis of the enterprise group internal capital market efficiency and the relationship between the financial risk of infection,using the case method,the group as a case study object,the sea to explore how the group’s internal capital markets would spread financial risk by the subsidiary to the parent company,again by the parent company can infect other subsidiary path.And it further analyzes how the efficiency of capital market plays a role in the process of financial risk contagion.The specific research conclusions are as follows: First,the capital chain,business chain and information chain among group members are the main path of financial risk contagion;Second,both investment opportunities and capital inflows reflect high capital market efficiency,which has a restraining effect on financial risk contagion,while low capital market efficiency will aggravate financial risk contagion.This study provides a unique perspective on how the efficiency of internal capital market influences the financial risk contagion of group enterprises and the ways through which internal capital market causes financial risk. |
