公司治理结构对内部资本市场效率影响研究——基于系族企业的实证

Research on the Influence of the Corporate Governance Structure on Internal Capital Market Efficiency——Empirical Data Based on Faction Enterprises

本文以中西方内部资本市场理论及相关实践为背景,结合我国系族企业内部资本市场的现实情况,以2011~2013年系族企业上市公司数据为样本,分析股权集中度、两权分离度和独立董事比例对内部资本市场效率的影响。结果表明：股权集中度与内部资本市场效率正相关,两权分离度与内部资本市场效率负相关,独立董事比例与内部资本市场效率负相关。

Based on the background of the Chinese and Western internal capital market theory and relevant practice,combined with the reality of internal capital market in the Chinese faction enterprises,this paper selected the data from the faction enterprises listed in Shanghai and Shenzhen stock market during 2011-2013,analyzed the effect of ownership concentration,separation of control rights and cash flow rights,and the proportion of independent directors on internal capital market efficiency.The paper came to the following conclusions:the ownership concentration has a positive correlation with internal capital market efficiency;the separation of control rights and cash flow rights has a negative correlation with internal capital market efficiency;the proportion of independent directors has a negative correlation with internal capital market efficiency.