公司治理对内部资本市场效率的影响——基于国有上市公司的经验数据

面对我国尚不健全的外部资本市场导致企业融资难的现实情况，集团公司纷纷构建自己的内部资本市场，以期将外部融资的弊端内部化消除。学术界通过对制约内部资本市场配置效率进行深入研究后发现，很多制约因素都与公司治理有关。选取2009--2011年沪深两市A股非金融类国有上市公司为研究样本，实证检验公司治理对内部资本市场效率的影响。研究结果表明：公司治理因素中控股股东股权集中度、两权分离度、董事会治理规模和管理层持股比例都对内部资本市场效率产生一定的影响。

The Influence of Corporate Governance on the Internal Capital Market Efficiency--Based on the Empirical Data of State-owned Listed Companies

Under the reality of difficulties in financing of enterprises caused by the imperfect external capital markets in China, some corporate groups have built their own internal capital markets to eliminate the drawbacks of external financing. After the in-depth research on factors restricting the internal capital market allocation efficiency, some scholars have found many constraints related to corporate governance. By taking the A-share, non-financial state-owned listed companies of 2009--2011 Shanghai and Shenzhen as samples, the author has conducted the em- pirical research on the influence of corporate governance on the internal capital market efficiency. The results show that, among the factors of the corporate governance, the equity concentration ratio of controlling shareholders, the separation between ownership and control, and the size of the governance of the board of directors, and the management shareholding have some impact on the internal capital market efficiency.