企业集团内部资本配置对成员企业价值的影响

创造内部资本市场的能力是企业集团十分显著的特征。企业集团内部资本配置对其成员企业价值是有影响的。本文通过对中国企业集团控股公司的实证检验发现，内部资本配置对国有集团控股公司的价值有反方向的影响；对民营集团控股公司的价值有显著的正向影响。在控制权大于现金流权组，集团内部资本市场的规模越大，其对控股公司的价值影响越大；但对多元化经营和规模越大的集团控股公司的价值影响较小；在控制权等于现金流权组，其内部资本市场规模越大，其控股公司的价值越小，尤其对多元化经营的集团控股公司的价值的影响越小。

How Capital Allocation May Affect Group Affiliation Values

The ability of creating an internal capital market is an important characteristic of a holding company. Internal capital allocations may affect affiliation values. Based on the empirical tests of Chinese group affiliates, the impact of internal capital allocations is negative on the values of those state-owned, while positive on the private enterprises. For those with controlling stake beyond cash flow, the larger the size of internal capital market, the bigger the impact on affiliation values, but the impact is less obvious on those with diversified business and larger size. For those with controlling stake equivalent to cash flow, the larger the internal capital market, the less impact it has on affiliation value, especially on those with diversified business.