CAJ | 학술논문

本文认为探究我国内部资本市场（ICM）有效性时应综合考虑关联交易（RPT）问题。因此文章在对内部资本市场和关联交易理论分析的基础上,着重探究内部资本市场中的关联交易对我国公司价值的影响。实证研究发现：总体上我国内部资本市场成员间的关联交易表现为促进公司价值提升,这种促进作用主要来自公允的内部资本市场关联交易,尤其表现为内部资本市场关联流入;我国内部资本市场配置低效的结论主要与非公允的关联交易相关;外部资本市场的金融抑制状态,使得国内企业通过内部资本市场中的关联交易实现降低交易成本和市场风险、放松融资约束、提升公司价值的目的。
본문인위탐구아국내부자본시장（ICM）유효성시응종합고필관련교역（RPT）문제。인차문장재대내부자본시장화관련교역이론분석적기출상,착중탐구내부자본시장중적관련교역대아국공사개치적영향。실증연구발현：총체상아국내부자본시장성원간적관련교역표현위촉진공사개치제승,저충촉진작용주요래자공윤적내부자본시장관련교역,우기표현위내부자본시장관련류입;아국내부자본시장배치저효적결론주요여비공윤적관련교역상관;외부자본시장적금융억제상태,사득국내기업통과내부자본시장중적관련교역실현강저교역성본화시장풍험、방송융자약속、제승공사개치적목적。
This paper argues that discussing internal capital markets（ICM） efficiency in China,should consider related party transactions（RPT） at the same time.On the base of analysing theoretical relationship of ICM and RPT,this paper explores how RPT in ICM influence Chinese listed companies＇ firm value.Empirical research shows that：generally,RPT in Chinese ICM,appears to promote firm value.And this value-up function mainly comes from fair related party transaction,especially,internal capital markets＇ association inflows;Inefficient ICM allocation mainly result of non-fair related party transactions;Chinese firms may overcome external capital markets financial constraints by the means of RPT in ICM,to reduce transaction costs,market risks and promote firm value.