| As an important part of the national economy,the huge scale and business scope of the group enterprises affect all aspects of people’s lives.However,under the background of industrial segmentation and upgrading,groups that continue to blindly pursue scale expansion are easy to fall into the dilemma of left weakness,and groups with high debt and fast expansion represented by Suning and Evergrande are also slowly withdrawing from the stage of history.After tracing the development process of the groups in Japan and other pioneer countries,we find that the drastic changes of The Times will indeed eliminate some poor operating group enterprises,but at the same time,it will also put a group of groups with excellent technology and appropriate capital management back on the fast track of development.The complex organizational structure of the group enterprises is not an excuse for them to lag behind,the key is to abandon the previous and rough concept of development,and the group enterprises that adapt to the new era can still overcome the "great changes unseen in a century",and continue to play an important role in economic construction.Group enterprises need to change to adapt to the changes of The Times,and scholars in different research fields have put forward their own suggestions.This paper will start from the group’s unique internal capital market to help enterprises optimize the capital composition and prevent the group from falling into crisis due to poor capital management,which has an important significance of combining theory with practice.Based on the analysis of financing decision of group enterprises,this paper systematically studies the influence of internal capital market efficiency on the proportion of internal funds,the proportion of bank debt and equity funds by analyzing the influence factors on different capital preferences within the group.This paper first sorts out the classical theories of the internal capital market and capital structure,and makes a corresponding comment on the shortcomings of the existing research.Then we deduce the influence mechanism of the internal capital market on the capital structure of the group enterprises,and put forward the three aspects of this paper.In order to verify the rationality of the hypothesis,this paper selects A total of947 listed companies from 230 A-share groups in fiscal year 2011-2021 as experimental samples,and verifies the hypothesis through empirical analysis of these sample data.After the above research process,this paper concludes that(1)the higher the efficiency of the group’s internal capital market,the less retained funds of the enterprise,that is,the efficiency of the internal capital market is significantly negatively correlated with the proportion of internal funds.(2)The higher the efficiency of the group’s internal capital market,the higher the dependence of enterprises on external funds,that is,the efficiency of the internal capital market is proportional to the proportion of bank debt and equity funds.(3)The higher the efficiency of the group’s internal capital market,the better the profitability of the enterprise than the industry average,that is,the efficiency of the internal capital market is directly proportional to the return on excess net assets.By studying the relationship between the efficiency of the internal capital market and the capital structure of group enterprises,this paper puts forward some suggestions for the financing decisions of group enterprises:(1)encourage group divisions with strong profitability to use more internal retained funds to maximize shareholder value.(2)All divisions of the group need to reduce their dependence on external funds to avoid their own excessive debt ratio or debt crisis caused by the group’s financial difficulties.(3)Improve the management level of the internal capital market,and the efficient operation of the internal market can reduce the overall cost of capital use and improve the profitability of enterprises;... |
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