内部资本市场超额价值创造研究--基于资源基础理论的思考

The Study on Internal Capital Markets Rent-Creation——Based on the Resource-Based Theory

本文基于资源基础理论视角研究了内部资本市场超额价值创造问题,界定了内部资本市场资源的内涵,将内部资本市场资源具体分为人力资本资源、财务资源、信息资源和关系资源,指出内部资本市场资源在企业集团环境中具有网络性和路径依赖的独特属性;探讨了内部资本市场各项资源在内部资本市场创造超额价值的方式,认为各项资源在超额价值创造过程中相互作用的主线是,人力资本资源运用关系资源和信息资源提高财务资源的价值存量和配置效率,创造内部资本市场超额价值。

This paper studies internal capital markets rent-creation based on the resource-based theory.First we make a definition of internal capital markets resources and divide the resources into human capital resources,financial resources,information resources and relation resources,then we analyze that the internal capital markets resources with network and path-dependence characteristics in business group.Finally this paper discusses the ways which the resources create internal capital rent and proposes the viewpoint that the main line of the resources interacting in creating rent is:human capital create internal capital markets rent through making use of relation resources and information resources to increase financial resources' value accumulation and improve the efficiency of allocating financial resources.