基于分部相关性的内部资本市场配置效率新检验——来自政府“系族企业”的数据

A New Test on the Allocation Efficiency of Internal Capital Market Based on Segment Correlation——Data from Government “Enterprise Groups”

分部相关性是建立在资源基础观之上的重要概念。分部相关性是分析政府"系族企业"的内部资本市场(ICM)配置机制和效率的重要视角。依据不同的角度,可以有不同的分部相关性,分别采用熵指数法和"适者生存"组合法来度量政府管理下的"系族企业"的分部相关性。更进一步,以政府系族中上市公司的面板数据为基础,分别按照中央国有系族和地方政府系族进行实证检验,双向固定效应模型的实证结果表明:分部相关性与政府系族内部资本市场配置效率呈明显的U型关系。

Segment correlation is an important concept based on resource-based view,and it is an important angle to analyze the allocation mechanism and efficiency of internal capital market（ ICM） of government＂enterprise groups＂. Different segment correlations can be found from different angles. The paper employs entropy index method and the combination method of ＂survival of the fittest＂to measure the segment correlation of ＂enterprise groups＂managed by government.Furthermore,based on the panel data of listed companies of government enterprise groups,an empirical study is made on state-owned enterprise group and local government enterprise group. The empirical result of the two-way fixed effects model shows that the relationship between segment correlation and the allocation efficiency of internal capital market of government enterprise group is a significant U-shaped curve.