内部资本市场的研究进程:一个文献综述

Internal Capital Markets:A Literature Review

本文对内部资本市场在经济体系中的角色和作用机制进行了文献综述。内部资本市场在缓解外部融资约束和改善资本配置效率方面具有重要作用,不仅在美国公众公司的价值创造中扮演了很重要的角色,还有望在市场经济转型期国家实现更高的价值创造和最优配置效率,并且对产品市场竞争、国家金融发展以及资本全球化等宏观经济问题也存在重要影响。与此同时,内部资本市场也带来了经理人代理成本、大股东利益侵占和非理性行为等问题。无论如何,这两方面的经济后果都相当重要。但目前业内对内部资本市场的研究还处于早期阶段,并且存在大量争议,还需要进一步深入和扩展。

The internal capital markets in multidivisional firms have substantial impact on the organizations value and the economic development.They not only contribute to the value creation of many large public firms in America,but also play an important role in developing world on the product markets competition,financial development and the globalization of capital.This article makes a literature survey on the functions and mechanisms of the internal capital markets and provides several suggestions on the direction of further studies.