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分部相关性是建立在资源基础观之上的重要概念。分部相关性是分析政府“系族企业”的内部资本市场(ICM)配置机制和效率的重要视角。依据不同的角度,可以有不同的分部相关性,分别采用熵指数法和“适者生存”组合法来度量政府管理下的“系族企业”的分部相关性。更进一步,以政府系族中上市公司的面板数据为基础,分别按照中央国有系族和地方政府系族进行实证检验,双向固定效应模型的实证结果表明:分部相关性与政府系族内部资本市场配置效率呈明显的U型关系。
Segment correlation is an important concept based on the concept of resource base. Segment correlation is an important perspective to analyze the mechanism and efficiency of the internal capital markets (ICM) allocation of government “family business ”. According to different perspectives, there may be different divisional correlations, respectively using entropy index method and “fittest survival ” combination method to measure the divisional correlation of “family business ” under government management. Furthermore, based on the panel data of the listed companies in the government clan, they are empirically tested according to the clan of the central state-owned clan and local government respectively. The empirical results of the two-way fixed effect model show that the correlation between the divisions and the internal capital of the government clan Market allocation efficiency showed a clear U-shaped relationship.