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在外部资本市场不完善的情况下,企业集团内部资本配置是一个十分重要的问题。企业集团内部资本配置,其实质是一种资本转移活动,由于集团内成员企业之间相互联系又相对独立的关系,致使集团内部资本转移活动的动机和结果十分复杂。文章依据演化博弈理论及企业集团内部资本市场基本理论,建立了企业集团内部资本转移激励行为的演化博弈模型,演绎了在内部资本市场资本转移中企业集团总部和集团分部策略选择过程。并通过对企业集团资本转移激励机理的演化博弈分析,建立了企业集团资本转移的有效激励机制。研究表明,如果集团分部的实力较强,具有较强的资本转移能力,单位转移成本获取的资本转移收益更大的情况下,集团总部在制定激励政策时,可以适当提高其资本收益的分配比例,在不影响集团分部资本转移行为积极性的同时,可以获得更多的收益;对于实力较小,资本转移能力较弱的集团分部,集团总部在制定激励政策时可以适当增大其收益的分配比例,增强激励力度,提高集团分部资本转移的积极性。
In the case of the external capital market is not perfect, the internal capital allocation within the enterprise group is a very important issue. The internal capital allocation of an enterprise group is essentially a kind of capital transfer activity. Due to the interconnected and independent relationship among the member enterprises within a group, the motivation and result of the internal capital transfer activities within the group are very complicated. Based on the evolutionary game theory and the basic theory of internal capital market of enterprise group, this paper establishes the evolutionary game model of internal capital transfer incentive behavior of enterprise group, and deduces the process of strategy selection of group headquarters and group division in the capital transfer of internal capital market. Through the evolutionary game analysis of incentive mechanism of enterprise group capital transfer, an effective incentive mechanism of capital transfer of enterprise group is established. The research shows that if the Group’s branches have strong power, strong capital transfer ability and greater return on capital transfer for the unit transfer cost, the group headquarters can appropriately increase the distribution of its capital gains when formulating the incentive policies Proportion, without affecting the enthusiasm of the Group’s capital transfer behavior, you can get more revenue; for the strength of the smaller, less capable of capital transfer group division, the group headquarters in the formulation of incentive policies can increase its earnings Of the distribution ratio, enhance the incentive efforts to improve the Group’s capital transfer initiative.