内部资本市场价值创造影响因素分析

从新制度经济学和资源基础理论视角,实证研究了内部资本市场价值创造问题。研究结果表明,监事总规模、高管薪酬、高管持股、企业家高学历比例、利息保障倍数、每股经营活动现金净流量与内部资本市场价值创造正相关,公司高管决策一致性、企业家平均年龄和企业规模与内部资本市场价值创造负相关,关系资源、信息资源的量化指标对内部资本市场价值创造产生的影响不显著。

Analysis of the Influencial Factors of Value Creation of Internal Capital Markets

This paper studied the problems of value creation of internal capital markets by the theories of new institu-tional economics and basic resources. The result of this research showed that the value creation of internal capital markets was positive to the size of Supervisory Committee,managerial ownership and salary,interest cover,operating net cash flow and the proportion of the enterpriser who owns Master′s degree or higher. And it was negative to managerial consistency in decisionmaking,enterpriser′s average age and the size of the corporation. But value creation of internal capital has not significant correlation with relations resources and information resources.