内部资本市场功能异化与公司治理

内部资本市场缓解了企业集团的融资约束,提升了投资效率,但也增加了公司治理的难度。在缺乏有效公司治理机制的情况下,内部资本市场的功能部分地被异化为经理人寻租或控股股东进行“利益输送”的渠道。本文讨论了内部资本市场功能异化与公司治理的关系,分析了内部资本市场的部分功能异化的原因,提出了治理的建议。

Function dissimilation of internal capital markets and corporate governance

Because of imperfect corporate governance and severe agency problem of enterprises in China , these will have a negative effect on internal capital market. We find that internal capital market , originally enhance the efficiency of internal capital allocation , is partially turned into the channel which facilitates the tunneling for controlling shareholder in affiliated transaction and the exploitation for the interests of minority share - holders .