国有企业集团内部资本市场效率的影响因素分析

经济转型时期,国有企业集团有着区别于一般企业集团的产权特性和政治特性,政府对国有企业集团内部资本市场的形成具有推动和强化作用。而寻租、预算软约束会制约内部资本市场的效率;控股股东对中小股东的利益掠夺,会异化内部资本市场的功能。此外,内部资本市场的规模会强化以上因素,制约内部资本市场的边际收益与边际成本。由此,根据影响内部资本效率的因素,构建了影响国有企业集团内部资本市场效率因素的综合模型。

The Factors in State-owned Business Groups Influencing Internal Capital Market Efficiency

During the period of economic transition economy, state -owned business groups have property right characteristics and political characteristics that are different from common business groups. The government will promote and strengthen the ICM of state - owned business groups. However, the rent - seeking and soft - budget constraint will restrict the efficiency of ICM. The controlling shareholders expropriate the benefit of minority shareholders and make the ICM deviate from its original right function. In addition , the scale of ICM will strengthen these factors. Finally, this paper establishes a comprehensive model including all the factors.