内部资本市场的存在性研究——基于民营企业系的实证数据

Research on the Existence of Internal Capital Market——Empirical Evidence Based on the Private Enterprises

近十多年来,中国大量国有和民营企业相继将集团化、多元化作为战略方向。但是,随后有许多成员企业陷入困境,促使我们反思内部资本市场的资源配置效率问题。本文以全球金融危机后2009年至2014年A股非金融类民营上市公司为样本,对其实际控制人进行追溯,挑选在这6年中持续存在的29个民营企业系,采用投资现金流敏感性法,验证了金融危机后,民营企业系存在活跃的内部资本市场,但是金融危机弱化了民营企业系的"资本分配功能"。

In China,a large number of state-owned enterprises and private enterprises have chosen collectivization and diversification as their strategies in more than a decade,thus making many member enterprises get into trouble.Therefore,we must rethink the efficiency of resource allocation in the internal capital market.We take non-financial private enterprises which were listed in A-share market between 2009 and 2014 (after global financial crisis) as sample,trace the actual controllers of these private companies and select 29 validly existing private enterprises during this period.Then we use the investment cash flow sensitivity method to verify the active internal capital market for private enterprises after the financial crisis.However,the financial crisis weakened the private enterprises’ capital allocation function.