CAJ | 학술논문

内部资本市场资本配置功能的发挥有赖于其资本配置效率的高低，而内部资本市场资本配置效率又受其资本配置行为的影响。以“系族企业”为研究对象，以“投资不足”和“过度投资”为分组条件，运用投资现金流敏感性模型分析“系族企业”内部资本市场资本配置行为。研究结果发现：在“投资不足”组，“系族企业”总体上实现了有效的资本跨企业补贴；国有“系族企业”能够利用内部资本市场实现其资本配置功能，但是民营“系族企业”却不能有效发挥其资本配置功能，内部资本市场更可能异化为掏空工具；在“过度投资”组，“系族企业”并没有通过跨部门的交叉补贴来扩大过度投资问题，内部资本市场的资本配置功能没有异化为掏空的工具；国有“系族企业”并没有进行无效的企业内部交叉补贴，民营“系族企业”却可以通过内部资本市场的资本转移来实现其资本的有效配置。
내부자본시장자본배치공능적발휘유뢰우기자본배치효솔적고저，이내부자본시장자본배치효솔우수기자본배치행위적영향。이“계족기업”위연구대상，이“투자불족”화“과도투자”위분조조건，운용투자현금류민감성모형분석“계족기업”내부자본시장자본배치행위。연구결과발현：재“투자불족”조，“계족기업”총체상실현료유효적자본과기업보첩；국유“계족기업”능구이용내부자본시장실현기자본배치공능，단시민영“계족기업”각불능유효발휘기자본배치공능，내부자본시장경가능이화위도공공구；재“과도투자”조，“계족기업”병몰유통과과부문적교차보첩래확대과도투자문제，내부자본시장적자본배치공능몰유이화위도공적공구；국유“계족기업”병몰유진행무효적기업내부교차보첩，민영“계족기업”각가이통과내부자본시장적자본전이래실현기자본적유효배치。
Capital allocation function of internal capital markets plays a role that depends on the discretion of the capital allocation efficiency.At the same time,internal capital market capital allocation efficiency is affected by its capital allocation behavior.According to this line of thinking,with “faction enterprise”as the research object,with “underinvestment”and “excessive investment”as the grouping condition,the paper uses investment cash flow sensitivity of the model analyzed internal capital market capital allocation behavior in “faction enterprise”.In the underinvestment group,the paperfound through the empirical study that “faction enterprise”implements the effective subsidy of capital across the enterprise,“state faction enterprise”can use the capital allocation of internal capital market to achieve its function,but“private faction enterprise”cannot effectively play its capital allocation function.Internal capital market is more likely alienation for the empty tool.In the excessive investment group,“faction enterprise”doesn ’t amplify the excessive investment through Cross -subsidy across departments,capital allocation function of internal capital markets doesn’t alienation for emptying the tools;“state faction enterprise”didn’t make invalid internal cross subsidy,at the same time“private faction enterprise”can achieve the capital allocation efficient through internal capital markets of capital transfer.