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资本作为一种经济资源,是社会经济资源配置的核心。在资本配置的过程中,除了外部资本市场发挥作用以外,内部资本市场(Internal Capital Market,ICM)也发挥着配置内部资源的作用。在新兴市场经济国家,外部资本市场的不完善更突显了内部资本市场的吸引力。本文通过阐述内部资本市场的相关理论,并对内部资本市场配置特性进行总结。在相关理论分析的基础上,对我国企业集团内部资本市场低效的表现及成因进行分析,进而就如何提高其配置效率的问题上,从我国企业集团内部与外部两方面提出相关的改进对策。
As an economic resource, capital is the core of social economic resources allocation. In the process of capital allocation, in addition to the role played by the external capital market, the Internal Capital Market (ICM) also plays a role in allocating internal resources. In emerging market economies, the imperfection of the external capital markets further highlights the attractiveness of the internal capital markets. This article elaborates the relevant theories of the internal capital market and summarizes the characteristics of the internal capital market. On the basis of relevant theoretical analysis, this paper analyzes the inefficient performance and causes of the internal capital market of Chinese enterprise groups, and then puts forward the related improvement measures from the internal and external aspects of our country’s enterprise groups on how to improve the efficiency of the allocation.