内部资本市场资本配置效率测度方法评析

内部资本市场在资本配置过程中通常表现出正效应和负效应两种结果,内部资本市场资本配置效率的高低直接关系到企业价值创造的程度以及企业利益相关者收益的实现,它对企业发展方向和战略选择都具有重大的现实意义。有鉴于此,在对内部资本市场效率测度从规范理论和实证研究两方面入手进行分析评价的基础上,结合我国现实环境制约条件,提出了适合我国内部资本市场资本配置效率的测度方法,即以企业的资产报酬率作为投资机会测度变量,当企业的投资规模水平与企业的成长性成正比时,说明企业具有正确的投资方向。

Evaluation and Analysis on Measure Means of Capital Allocation Efficiency in Internal Capital Market

Capital allocation efficiency in internal capital market is directly related to the degree of enterprise value creation, and the realization of the enterprise stakeholders＇ benefits, which is of practical significance for enterprise development and strategic choice. This paper analyzes two aspects of efficiency measure in internal capital market on the basis of the standard and empirical methods. At first, it introduces the research status at home and abroad, then analyzes the various measures, and finally puts forward the suitable measure of capital allocation efficiency in internal capital markets on the basis of the relevant study.