内部资本市场 公司绩效与控制权私有收益——以华通天香集团为例分析

基于内部资本市场理论,当企业集团对内部各成员部门不是100%控股时,资源在内部资本市场的转移会产生较大的摩擦,内部资本市场存在效率不足。在处于转轨时期的中国企业,公司治理尚不完善、代理问题比较严重,势必影响内部资本市场功能的正常发挥。本文以华通天香集团为例,分析了上市公司内部资本市场运作的主要路径及产生的经济后果,发现原本在于提高资本配置而存在的内部资本市场部分地被异化为进行利益输送的渠道。另外,在本例中没有发现企业进行明显的跨部门交叉补贴证据。

Internal Capital Market, Corporate Performances and Private Benefits of Control

Based on the theory of internal capital market,resources transmitting in internal capital market will bring into friction when the ratio of shareholding of business group to its segments is less than 100%;furthermore,this makes internal capital market inefficient.And because of imperfect corporate governance and severe agency problem of enterprises in China,these will have a negative effect on internal capital market.Take Tianxiang group as an example,this paper analyses the main operation means and economic consequences in the internal capital market of listed company,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 shareholders.In addition to this,we do not find the significant evidence of cross subsidization.