国有企业集团内部资本配置效率分析word格式论文.docx

优秀毕业论文 精品参考文献资料 Abstract corporate governance, In the absence of effective corporate governance mechanism conditions, the function of internal capital market will occur alienation, such as low efficiency of investment、the assets of tunneling bottom subsidiary and Investment high-risk tendency; External capital market and internal capital markets exist alternative and complementary relationship; Property rights and political characteristics also bringeth the state-owned enterprise groups internal capital market allocation efficiency is one of the important factors. Once more, the internal capital collocation efficiency of state- owned enterprise groups is lower. This paper takes affiliated firms in the state- owned enterprise groups as examples, borrows the model of “cash flow--unit investment opportunities” which was raised by Shin and Stulz in 1998, and though descriptive statistical analysis, Correlation coefficient analysis and regression analysis I discover that the internal capital collocation efficiency of state- owned enterprise groups is lower, in the process of capital allocation, these firms not distribute funds by the mechanism of “select the winners”, and the best investment opportunity not is not allot to the best affiliated firm. Among them, the internal capital collocation efficiency of enterprises which under the control of local government is lower than enterprises which under the control of central authorities, and also exist more inefficient investments. This result could provide a theoretical basis for regulating the market manipulation of internal capital, optimizing corporation governance structure and enhancing the ability of sustainable profitability. Key Words：State-owned enterprise group；Internal Capital Market；Efficiency IV 学位论文原创性声明 声明：本人所呈交的学位论文，是本人在导师的指导下，独立进 行研究工作所取得的成果。尽我所知，除文中已经注明引用的内容外， 本论文不含任何其他个人或集体已经发表或撰写过的作品成果。对本 文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。 本人完全意识到本声明的法律结果由本人承担。 论文作者签名： 日期： 年 月 日 学位论文版权使用授权书 本人完全了解云南财经大学有关保留、使用学位论文的规定，即： 学校