公司治理对内部资本市场效率的影响机理分析-analysis of the influence mechanism of corporate governance on the efficiency of internal capital market.docx

Study on the Relationship between corporate governance and efficiency of internal capital marketsABSTRACTFace to the reality of corporate hard financing situation that happens under the imperfect external capital markets，the enterprise groups have to build their own internal capital markets（ICM）so as to solve the financing internalization，thus maximize the efficiency of limited resource allocation. It has become a rational choice to many enterprises. From the late 1970s，the process has startedto promote the construction of the collectivize in China. By the condition of principal-agent and diversification discount factors in this process，the efficiencyof internal capital market has been greatly weakened. Through in-depth study found that restricting the efficiency of the internal capital market allocationmany influencing factors are related to the corporate governance，and therefore，we chose the view of corporate governance as the starting point could provide a more comprehensive analysis of the collectivize development to the impact on the allocative efficiency of internal capital markets.To investigate the efficiency of the internal capital market in China，thepaper selects the non-financial corporate in Shanghai and Shenzhen A-share listed companies in 2009-2010 as the research sample，according by the finalcontrol human nature of equity and in accordance with the strain to divide the sample develop the empirical test. The results shows that：the Business Group ofthe enterprise in China own the effective internal capital market and the state enterprise of the efficiency is higher than the private enterprise; meanwhile，the higher degree of ownership concentration，the larger board governance，theinternal capital market could be more effective; while the degree of separation of ownership and management stake is precisely its opposite trend; internal capital market be more effectively in the larger of the independent directors of the stateenterprise of governance，private