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本文在科学度量外部融资约束程度的基础上,以上市公司面板数据实证研究集团内部资本市场与外部融资约束的替代关系。结果表明:一方面,企业集团背景及其内部资本配置可以放松成员企业的外部融资约束,证实具有基本金融功能的内部资本市场有效存在,能替代和弥补外部资本市场的失效;另一方面,集团内部资本市场可能异化为大股东转移资金的便利隧道,加剧成员企业对外部融资的依赖,两权发生偏离时此现象表现得尤为突出。
Based on the scientific measurement of the degree of external financing constraints, this paper uses the panel data of listed companies to empirically study the substitution relationship between internal capital markets and external financing constraints. The results show that on the one hand, the background of the enterprise group and its internal capital allocation can relax the external financing constraints of the member enterprises, and prove that the internal capital market with the basic financial function exists effectively and can replace and make up for the failure of the external capital market; on the other hand, The internal capital market may alienate as a convenient tunnel for transfer of funds by major shareholders, exacerbating the dependence of member enterprises on external financing. This phenomenon is particularly prominent when the two rights diverge.