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当企业拥有多个业务部门时,拥有相应的投资机会的部门之间为了争夺资源会展开竞争,作为企业总部的集团为了追求整体利益最大化,需要将各投资机会产生的现金流集中起来重新分配,以提高内部投资效率。这种资金再分配使得企业内部实际上形成了一个资本市场。当企业外部融资市场出现信用约束,也即具有正NPV值的投资机会可能融不到资金或者融得的资金不足时,企业可以通过内部资本市场将目前可控制的资金在投资
When an enterprise has multiple business units, the departments that have the corresponding investment opportunities compete for resources. As the group that is the headquarter of the enterprise, in order to maximize the overall interests, the cash flow generated from each investment opportunity needs to be concentrated and redistributed , To improve the efficiency of internal investment. This redistribution of funds has actually created a capital market within the enterprise. When credit constraints exist in the external financing market of an enterprise, that is, investment opportunities with positive NPV values may not be able to be financed or financially insufficient funds available, an enterprise may, through internal capital markets, transfer the currently controllable funds into the investment