企业内部资本市场的边界确定

Defining the Boundaries of Internal Capital Markets within Enterprises

内部资本市场有效性与其边界息息相关。内部资本市场的边界确定则主要取决于内部资本市场带来的边际收益和边际成本增加之间的权衡。产业外部竞争压力和收益波动性、企业内部管理水平、法律规定及企业契约的约束、外部资本市场的完善等因素也会影响内部资本市场边界的确定。我国转轨时期企业内部资本市场运作的边际收益和边际成本都远远高于发达市场经济国家,积极完善企业集团内部治理机制和外部制度环境对于合理科学的确定我国企业内部资本市场边界具有更加重要的意义。

The efficiency?of internal capital market is related with its boundary.Defining the boundary of internal capital market is mostly decided to the weigh of its marginal returns and marginal costs.The external industry competition and returns fluctuations,the internal management of enterprises,legal provisions and firm contracts,perfect external capital markets and so on all influence the defining the boundary of internal capital market.In chinese transitional economy,the marginal returns and marginal costs a...