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| 股权结构、公司治理与内部资本市场效率 | |
| 引用本文： | 卢建新. 股权结构、公司治理与内部资本市场效率[J]. 中南财经政法大学学报, 2009, 0(4) |
| 作者姓名： | 卢建新 |
| 作者单位： | 复旦大学,经济学院,上海,200433;中南财经政法大学,新华金融保险学院,湖北,武汉,430073 |
| 摘 要： | 股权结构、公司治理与内部资本市场效率密切相关.本文考察了股权分散和股权集中情形下,双层代理和大股东控制问题是如何影响内部资本市场配置效率的.分析表明,在公司治理不完善时,部门经理的寻租行为和控股股东的掏空行为都会导致内部资本市场的低效率. |
| 关 键 词： | 股权结构 公司治理 内部资本市场 |
Ownership Structure,Corporate Governance and the Efficiency of Internal Capital Market |
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| LU Jian-xin. Ownership Structure,Corporate Governance and the Efficiency of Internal Capital Market[J]. Journal of Zhongnan University of Finance and Economics, 2009, 0(4) | |
| Authors: | LU Jian-xin |
| Abstract: | The efficiency of internal capital market (ICM) is closely connected with ownership structure and corporate governance. This paper shows how the two-tiered agency and controlling shareholder affect the efficiency of ICM, when ownership is widely held or concentrated. This paper concludes that both rent-seeking behavior of division managers and tunneling activities of controlling shareholder can lower the efficiency of ICM. |
| Keywords: | Ownership Structure Corporate Governance Internal Capital Market Efficiency |
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