CAJ | 학술논문

内部资本市场的研究大多关注存在性和效率问题，对内部资本市场有效性的影响因素关注较少。在投资-现金流的分析框架下，以2009-2012年沪深两市的上市公司及其附属集团为研究对象，构建企业投资加速模型，从组织结构的角度研究影响内部资本市场有效性的因素。研究结论显示：一方面，我国企业集团的内部资本市场是有效的，国有企业集团内部资本市场的有效性强于非国有企业集团；另一方面，集团所有权对内部资本市场有效性的影响不显著，但财务公司的设立对提升内部资本市场的有效性起了积极的促进作用，非国有企业集团财务公司的职能实现比国有企业集团更加有效。
내부자본시장적연구대다관주존재성화효솔문제，대내부자본시장유효성적영향인소관주교소。재투자-현금류적분석광가하，이2009-2012년호심량시적상시공사급기부속집단위연구대상，구건기업투자가속모형，종조직결구적각도연구영향내부자본시장유효성적인소。연구결론현시：일방면，아국기업집단적내부자본시장시유효적，국유기업집단내부자본시장적유효성강우비국유기업집단；령일방면，집단소유권대내부자본시장유효성적영향불현저，단재무공사적설립대제승내부자본시장적유효성기료적겁적촉진작용，비국유기업집단재무공사적직능실현비국유기업집단경가유효。
Researches on internal capital market are mostly concerned about its existence and efficiency, and the factors affecting the effectiveness of internal capital market receive much less attention. Choosing a dynamic panel data of listed companies affiliated to domestic business groups during 2009-2012 as a sample, this paper extends empirical tests on the factors affecting the effectiveness of internal capital markets from the perspective of the group’s ownership as well as organizational structure, based on the construction of an accelerator model of investment under the investments- cash flow framework. Conclusions have been reached that, on one hand, domestic internal capital markets in domestic business groups are effective as a whole and those of state-owned group are more effective, on the other hand, group’s ownership does not exert a significant influence on the ICM’s effectiveness, while the foundation of financial company plays a positive role and those of state-owned groups realize more fully functional and effective.