产融结合资本配置效应的理论分析

Theoretical Analysis the Effect of the Industry-finance Integration on the View of Capital Allocation

本研究以内部资本市场理论为基础,对产融结合的资本配置效应进行了分析,得出结论:产融结合能为企业构造包含金融机构的内部资本市场,一方面可以缓解企业的融资约束,但另一方面也会使企业的组织结构复杂化,公司治理难度加大,进而对资本的配置产生负面影响。

In this article the author use the internal capital market （ICM） theory to analyze the effect of the industry-finance integration on the view of capital allocation and come to the conclusions that： the industry-finance integration can create an ICM concluding the financial institution. On one hand, the kind of ICM can release the re- striction of capital for the enterprise. On the other hand, it will also make the organizational structure more flexible and the corporate governance more difficult. For the more, the kind of the financial institution and the information revelation also has influence on the capital allocation effect of the industry-finance integration.