我国企业内部资本市场的边界确定

Defining the Boundaries of Internal Capital Markets within Chinese Firms

现代经济中,大量的资本配置行为都是在企业的内部资本市场完成的。大量的内部资本市场运作并非百益而无一害。尤其在我国转轨经济阶段,原本是基于效率动因而存在的内部资本市场部分地异化为进行“利益输送”的渠道。如何科学地界定内部资本市场的边界不仅直接影响到关联企业间资金调配行为的合法性和合理性,还影响着内部资本市场功能的有效发挥。为此,该文重点讨论了我国企业内部资本市场运作的主体与方式,边界确定合理性的双重视角,影响我国企业内部资本市场边界确定的法规因素,以及禁止性规则和有效契约在内部资本市场边界确定中的作用等问题。

In modern economic behaviors,much capital is allocated through internal capital markets.But internal capital markets not only have benefits but also incur disadvantages.Particularly,in Chinese transitional economy,internal capital markets have dissimilated into channels of tunneling. How to define boundaries of internal capital markets will influence the legitimacy and rationality of capital redeployment between associated firms and the efficiency of the market.This paper focuses on the entities and modes of internal capital markets,the rationality of double perspective of boundaries defining,juristic factors influencing the defining,and roles of prohibitive rules and effective contracts.