多元化公司内部资本市场配置效率——国外相关研究述评与启示被引量：36

Allocation Efficiency of Internal Capital Markets in the Diversified Firms

导出

摘要内部资本市场理论是理解多元化公司内部资金配置最重要的理论之一,本文介绍了多元化公司内部资本市场理论的研究进展,分别围绕内部资本市场的配置效率、测度方法以及内部资本市场与多元化公司价值的实证检验等几个方面,对国外已有的文献进行回顾与梳理,并阐述了内部资本市场理论对我国经济改革与发展具有的重要现实意义。 Internal Capital Markets(ICMs)theory is one of the most important theories to understand internal fund allocation in the diversified firms,this paper introduces the latest research progress of ICMs in the diversified firms,mainly reviews and trims on foreign related literatures such as allocation efficiency of ICMs,measurement methods and empirical tests between ICMs and M-forms value respectively.Furthermore,it is of great significance to economic reform and social development in China.

作者杨棉之

机构地区中国人民大学商学院

出处《会计研究》 CSSCI 北大核心 2007年第11期44-49,共6页 Accounting Research

基金国家自然科学基金资助项目"中国上市公司控制权转移的利益流动"(批准号:70572096)

关键词内部资本市场配置效率公司价值

分类号 F275 [经济管理—企业管理]

引文网络
相关文献

参考文献15

1Alchian, A. A. 1969. Corporate Management and Property Rights. in: H. Manne, ed. , Economic Policy and the Regulation of Corporate Securities (American Enterprise Institute, Washington, D. C. ) 337 -360.
2Gertner, R. , Scharfstein, D. , and Stein, J.. 1994. Internal Versus External Capital Markets. The Quarterly Journal of Economics, 109 (4): 1211-30.
3Harris, M. and A. Raviv. 1996. The Capital Budgeting Process: Incentives and Information. Journal of Finance 51 : 1139 - 1174.
4Lewellen, W. G.. 1971. A Pure Financial Rationale for the Conglomerate Merger. Journal of Finance 26:521 -37.
5Lamont, O.. 1997. Cash flow and Investment : Evidence from Internal Capital Markets. Journal of Finance, 52 : 83 - 110.
6Lang, L. H. P. and R. Stulz. 1994. Tobin's q, Corporate Diversification, and Finn Performance. Journal of Political Economy 102 : 1248 - 1280.
7Lins, K. and H. Servaes. 2000. Is Corporate Diversification Beneficial in Emerging Markets?. working paper. University of North Carolina - Chapel Hill and London Business School.
8Myers, S. C. and N. C. Majluf. 1984. Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have. Journal of Financial Economics 13:187 -222.
9Rajan, R. , H. Servaes and L. Zingales. 2000. The Cost of Diversity: The Diversification Discount and Inefficient Investment. Journal of Finance 55 : 35 - 80.
10Scharfstein, D. S. and J. C. Stein. 2000. The Dark Side of Internal Capital Markets: Divisional Rent - Seeking and Inefficient Investment. Journal of Finance 55 : 2537 - 64.