CAJ | 학술논문

从内部资本配置的视角，以比亚迪公司垂直整合为案例分析对象，考察在新兴市场经济国家，企业垂直整合对其内部资本配置效率的影响。研究结果表明，垂直整合是有限度的，垂直整合和内部资本市场的配置效率之间并非简单的正相关关系。比亚迪公司进行了独特的垂直整合，使其从兴盛跌入低谷又走上回升。过度的垂直整合非但不会提高企业竞争力，反而会缩小盈利空间，甚至造成资金链的断裂。适度的垂直整合才能提高企业内部资本配置效率，增强企业竞争力。研究结论为内部资本配置研究提供了垂直整合视角的案例证据。
종내부자본배치적시각，이비아적공사수직정합위안례분석대상，고찰재신흥시장경제국가，기업수직정합대기내부자본배치효솔적영향。연구결과표명，수직정합시유한도적，수직정합화내부자본시장적배치효솔지간병비간단적정상관관계。비아적공사진행료독특적수직정합，사기종흥성질입저곡우주상회승。과도적수직정합비단불회제고기업경쟁력，반이회축소영리공간，심지조성자금련적단렬。괄도적수직정합재능제고기업내부자본배치효솔，증강기업경쟁력。연구결론위내부자본배치연구제공료수직정합시각적안예증거。
This paper studies the impact of corporate vertical integration on a company's internal capital allocation efficiency in emerging market economies, based on a case study of BYD.Our study shows that vertical integration is not always positively associ-ated with internal capital allocation efficiency.Conducting the unique pattern of vertical in-tegration, BYD fell into a downturn state and then recovered.Over-vertical-integration doesn't improve the competitiveness of enterprises;on the contrary, it might lead to the re-duction of profitability or even the ruptures of capital chains.Appropriate vertical integra-tion improves internal capital allocation efficiency and the competitiveness of the compa-nies.The findings in this case study provide insight into enterprises'internal capital alloca-tion from the perspective of vertical integration.