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本文选用了2008年至2014年在香港上市但主营经营活动在中国大陆的H股公司作为样本,运用多元回归模型,分析了内外部资本市场对我国企业集团成长性的影响。实证结果表明:外部融资规模越大,内部资本市场效率越高,企业集团成长性越好;而且,在内部资本市场有效的前提下,外部融资规模能够更好的促进企业集团成长。本文结合我国实际情况探讨内部资本市场在我国的实际运作现状,对我国深化经济体制改革与全面发展有中国特色的市场经济具有一定的现实意义。
This article selects the H-share companies listed in Hong Kong from 2008 to 2014 but has main business activities in mainland China as samples, and uses multiple regression models to analyze the impact of internal and external capital markets on the growth of Chinese conglomerates. The empirical results show that the larger the external financing scale, the higher the internal capital market efficiency, the better the growth of enterprise groups. Moreover, under the premise of the effective internal capital market, the external financing scale can better promote the growth of enterprise groups. In this paper, the actual situation of our country to explore the actual operation of the internal capital market in our country, the actual situation of China’s deepening economic restructuring and the full development of a market economy with Chinese characteristics has some practical significance.