内部资本市场理论前沿与研究展望

The Frontier Theory and Research Prospects of Internal Capital Market

自上世纪六七十年代以来,内部资本市场理论随着企业集团这一经济组织形式的出现而不断发展,在经历了"效率之争"后,国外有关企业集团内部资本市场理论的研究呈现出了新的发展趋势,在研究视角、研究内容、研究样本、研究方法等方面均有所突破。本文总结并梳理了外文期刊中有关内部资本市场理论的重点文献,并按照研究内容分为内部资本市场与多元化、内部资本市场中的代理问题、内部资本市场运行的经济后果、内部资本市场与外部经济环境的互动关系以及特定企业集团的内部资本市场研究五个专题分别展开论述。在此基础之上,结合我国的制度背景、时代背景和企业集团发展现状提出有价值的未来研究方向。

Since the 1960 s and 1970 s,the theory of internal capital market has been developing with the emergence of business groups.After experiencing the"efficiency struggle",the research on the theory of internal capital market of business groups in foreign countries has shown a new development trend,with breakthroughs in research perspectives,research contents,research samples and research methods.This paper summarizes and combs the key literatures on the theory of internal capital market in foreign periodicals,and divides them into five themes according to the research contents:internal capital markets and diversification,agency problems in internal capital markets,economic consequences of internal capital markets,the relationship between internal capital markets and external economic environment,and the internal capital markets of special business groups.Then based on the theory above,in consideration of the institutional and economic environment of our country,we propose some suggestions on future research.