内部资本市场资源配置效率的经济后果分析——基于经典文献研究

A Study of Economic Impact of Internal Capital Market on Resources Allocation Efficiency——From the Perspective of Classical Literature

内部资本市场是企业多元化战略和规模化经营的伴生品。近年来,对内部资本市场的研究一直是企业内部资源配置的研究热点,尤其在目前货币紧缩的宏观经济环境下,面临不同程度融资约束的企业希望利用内部资本市场增加甚至再造流动性。但是,内部资本市场的存在对资源配置效率的经济后果尚无定论。本文对内部资本市场资源配置效率以及影响内部资本市场资源配置效率因素的国内外学者的观点进行了梳理和总结,并对我国内部资本市场资源配置效率的研究路径进行了展望。

Internal capital markets （ICMs） are associated products of the enterprises＇ diversification strategy and largescale operation. In recent years, the research on ICMs has focused on the issue of enterprises＇ internal resources alloca- tion. In the current tightened macroeconomic environment, the enterprises that face financing constraint seek to increase and even reconstruct liquidity by means of ICMs. However, the economic impact of ICMs on resources allocation efficien- cy is indefinite. This paper summarizes the domestic and foreign scholars＇ viewpoint on resources allocation efficiency of ICMs and factors influencing resources allocation efficiency of ICMs, and analyzes the future research direction in China.