内部资本市场效率问题研究

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1、AbstractInternalcapitalmarket(ICM)theoryhasbeenpaidmoreandmoreattentionbythetheoristsandthepracticalrealmsinceitwasproposedbyAlchianandWilliamson(1970)．However,accordingtopresentfcsea础．thereisstillsomedisputeaboutthebasicconceptsandcognitionofint哪ualcapitalmarket．Firstoneisthec

2、onceptofinternalcapitalmarket．TherepresentativeviewpointsfromWiUiamson，internalcapitalmarketonlyexistsinthebigbusinessallying(aMtypeframeworkoforganization)，buttherecentdocumentsfocusolttheinterestrelationsMpbetweenparentcompanyandsubsidiarycompanyininternalcapitalmarket．Second

3、oneistheefficiencyofinternalcapitalmarket．Williamson(1975)arguedthat‘‘internalcapitalmarket’’indiversified丘ITIIScanallocatecap,italmoreefficientlythanexternalcapitalmarket①CM)can．MyersandMajluf(1984)andStein(199nhavealsoarguedthatcapitalallocationismoreefficientininternalcapita

4、lmarket,duetoinformationasymmetries．Takentogether,theseargumentssuggestthatinternalcapitalmarketmayincreasethevalueofdiversifiedfirmsrelativetofocused丘nns。However,recentresearchbyBergerandOfek(1995)．Seharfstein(1997)，ShinandStoLz(1998)suggeststhatinternalcapitalmarketcanresulti

5、nmoreoverinvestmentthanexternalcapitalmarket,andtheexistenceofsocialism，rent-seeking,cxoss-subsidiesininternalcapitalmarketdoesharmtotheefficiencyofthefirmtosomeextent．Usingcaseanalysis，thepaperswrittenbyShaoJun(2007)，YangMianzi(2006)presentastudyofthebehaviorsofinternalcapital

6、allocationbythecontrollingshareholder．Theresultshowsthattheallocationthroughintemalcapitalmarketsofcorporateclasswillbenefitthecontrollingshareholderatthecostofminorityshareholders．Lastbutnottheleastoneistherelationshipbetweeninternalcapitalmarketandexternalcapitalmarket．Steinb

7、elievesthatinternalcapitalmarketdoesnotcontradictwithexternalcapitalmarket，butKhannaandPalepu(2000)argue,externalcapitalmarketreplacinginternalcapitalmarketisonekindofinevitabletrendofenterprisesystemevolution．Themainbodyofthispaperdoesnotdealwithallaspi：ctssaidornarratedabove．

8、justwiththeefficiencyofinternalcapitalmarket．肠cquestio