分部双重身份的制衡对内部资本市场效率改进

Improving the efficiency of internal capital market by balancing division's dual roles

内部资本市场(ICM)配置效率有效性取决于资金收益和成本,而资金收益和成本主要取决于企业分部在投资决策和经营决策的行为.本文首先从分部项目申请者身份研究了分部游说活动对内部资本市场资金配置效率的影响.在此基础上,提出需要引入分部经营者身份,设置资金配置决策"准期权"的约束条件对分部双重身份制衡来提高ICM资金配置效率.

In the diversified enterprise,capital allocative efficiency of internal capital market（ICM） depends on the benefits and costs of capital, while the benefits and costs of funds depend on the division＇s behavior of investment decisions and operational decision-making. For that reason, this paper firstly study division＇s lobbying activities impacting on the efficiency of capital allocation in internal capital market, in terms of the division＇s applicant identity. Then, based on which being analyzed, this paper advance that capital a/locative decision-making need to introduce division＇s management identity, to improve the efficiency of ICM by setting ＂quasi-option＂ constraints to check and balance division＇s double identities in the capita/allocative decisionmaking.