资本配置、管理激励与内部资本市场效率

通过构造了一个多分部企业内部跨期资本配置模型,本文考察了内部资本市场的管理激励和配置效率问题,这是对企业内部资本市场配置效率研究的一个综合和扩展。本文的模型把内部资本市场“有效率论”和“无效率论”结合到一起,分析表明,在通过内部资本市场重新配置资本并能诱使两个经理努力工作的情况下,内部资本市场的效率可能高于、低于或等于两个单分部企业组合的效率,而不只是其中的某一种结果。

Capital Allocation, Managerial Incentives and the Efficiency of Internal Capital Markets

This paper develops a two-period capital allocation model within a multi-divisional firm,and it studies the managerial incentives and efficiency of internal capital markets(ICM).This paper is a synthesis and extension in the research about ICM's allocating efficiency.This paper combines the "efficient ICM" with the "inefficient ICM",and points out that by redistributing the capital and inducing both managers to work hard,the efficiency of ICM may be higher or lower than,even same as the benchmark,not only one of the results.