内部资本市场与集团企业资本预算

Internal Capital Market and Conglomerate's Capital Budget

内部资本市场研究起源于多元化的价值归因研究,但就多元化的投资有效性而言,基于内部资本市场视角的实证研究绝大多数结论是“多元化投资无效率”。这将成为重构内部资本市场理论的直接依据。本文对内部资本市场的相关实证研究文献进行了研究,基于内部资本市场理论构建了一个预算选择模型,分析了内部资本市场在契约结构、现金流控制权和管理者行为效应的几个相关问题。

The benefit analysis of Corporate Diversification gives birth to a new research field of Internal Capital Market（ICM） ,but as to the efficiency of diversification, most empirical studies show that investments of diversification are low efficient or non-efficient,which provides a direct basis for the reconstruction of the ICM theory. This paper also analyzes the literature of the empirical studies on ICM and establishes a budget model based on ICM. Finally the paper discusses the control structure of ICM,Cash control rights and manager behavior effect.