自然科学版 英文版
自然科学版 英文版
自然科学版 英文版
 

中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2003年08月第9卷第4期
   
本文已被:浏览2821次    下载898次   
文章编号:1672-3104(2003)04-0495-05
 
外部融资不足状况下企业集团内部的资本配置
 
郭旺
 
(中南大学商学院,湖南长沙,410083)
 
摘  要: 内部资本市场(Internal Capital Market)系集团(母公司)总部在子公司(分部)间进行资本配置的机制。论证说明:外部融资中由于不对称信息和代理问题导致的信贷配给和公司投资不足,可以通过集团内部资本市场为子公司(分部)项目融资得到减轻。研究结果表明:母公司总部通过对投资项目的权衡,重新在子公司(分部)间配置资源,以及通过母子公司间良好的双边利益安排,降低母公司总部监管的负面效应对项目现金流的稀释作用,内部资本市场是一种较优的资本配置机制。
 
关键词: 内部资本市场;资本配置;控制权;信贷配给
 
 
Corporation internal capital market and capital allocation
 
GUO Wang
 
(School of Business, Central South University,Changsha 410083, China)
 
Abstract: The internal capital market is defined as a mechanism by which corporate headquarters allocate capital to the various subsidiary companies or divisions of the corporation. In this paper, the author proves the credit rationing and under-investment due to information asymmetries and agency conflicts of external finance could be alleviated when capital is allocated within firms via an internal capital market in a corporation. The research shows that headquarters can do good job in reallocating capital across different sectors in the corporation by trading off among projects. The internal capital market is a better mechanism of capital allocation by a mutual arrangement of parent corporation and its subsidiary companies or divisions, which could lower the dilution towards the project cash flow caused by negative effects of management control of corporate headquarters.
 
Key words: internal capital market;credit rationing;control rights;capital allocation
 
 
版权所有:《中南大学学报(社会科学版)》编辑部 
地 址:湖南省长沙市岳麓区麓山南路932号     邮编: 410083
电 话: 0731-88830141
电子邮箱: znsk@csu.edu.cn 湘ICP备09001153号-4