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内部资本市场的运作效率在一定程度上决定了多元化企业集团的经营绩效,内部资本市场配置效率已成为公司金融理论界和实务界关注的核心问题。已有文献的研究认为影响资金配置决策和效率的因素有信息不对称、代理冲突和外部投资环境等多个方面,其本质上是通过利益主体(股东、总部、分部经理)的行为来实现。本文围绕内部资本市场配置效率,从股东行为、总部行为、分部经理行为三个视角对现有文献进行梳理和归纳,发现利益主体的行为具有机会主义倾向,正是他们的这种异化行为导致了内部资本市场的配置低效率,并进一步提出了研究展望。
To some extent, the operational efficiency of internal capital markets determines the operating performance of diversified enterprise groups. The efficiency of internal capital market allocation has become a core issue that has been paid attention to by both financial theory circles and practical circles. According to the literature, there are many factors affecting the decision-making and efficiency of capital allocation such as information asymmetry, agency conflicts and external investment environment, which are essentially realized through the actions of stakeholders (shareholders, headquarters and branch managers) . Based on the efficiency of allocation of internal capital market, this paper sorts out and summarizes the existing literature from the perspectives of shareholder behavior, headquarters behavior and branch manager behavior, and finds that the behavior of stakeholder has a tendency of opportunism. It is their alienation that leads to The inefficient allocation of internal capital market, and further put forward the research prospect.