基于行為公司金融的企業(yè)集團(tuán)內(nèi)部資本市場(chǎng)配置效率研究——投資不足與投資過(guò)度視角.pdf

1、東南大學(xué)碩士學(xué)位論文基于行為公司金融的企業(yè)集團(tuán)內(nèi)部資本市場(chǎng)配置效率研究投資不足與投資過(guò)度視角姓名：范力力申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理學(xué)；會(huì)計(jì)學(xué)指導(dǎo)教師：陳菊花20110306奎壹查堂堡主堂垡堡奎AStudyofInternalCapitalMarketEfficiencyinBusinessGroupsBasedonBehavioralCorporateFinance：fromtheviewpointofunderinvestmen

2、tandoverinvestmentAbstractInternalCapitalMarketisagreatpartofmicroeconomyWhetherInternalCapitalMarketiseffectiveornotcandirectlyinfluencecompany’sinvestments，andthendeterminethewholeeconomy’soperationanddevelopmentSince1

3、970s，whenthe‘IntemalCapitalMarket’wasrecognizedithasbeencontinuouslyutilizedanddevelopedacrosseverycountryHowevertheefficiencyandeffectivenesslevelisdifferentAsfarasourcountryisconcemedmanypaperssaylackofefficiencyandtor

4、turedroleistheproblemofInternalCapitalMarketInternalCapitalMarketisatoolforcontrollingstockholdertogetinterestsbd7ausecompanygovernanceisnotenoughWhileotherstudiesidentifyIntemalCapitalMarketdoesprovideaplaceforconvenien

5、tlycapitalcirculationAndonethingneedstobcmentionedisthatthewayhowIntemalCapitalMarketinfluencescompanies’value，themechanismleadingtoInternalCapitalMarket’sefficiencyornonefficiencyandeffectivenessornoneffectivenesshaveno

6、tbeendiscusseddeeplyTherefore，deeplyenoughanalyzingIntemalCapitalMarketoperatingmechanismfindingthetruestateofInternalCapitalMarketisgoodforimprovingitsefficiencyandhelpsfirmsmakebetterinvestmentdecisions，andthencontribu

7、testoeconomyoperatingwithhighspeedandgoodqualityThispaperistostudyInternalCapitalMarketbasedonBehavioralCorporateFinanceItidentifiesirrationalfactorswhichinfluenceInternalCapitalMarket’sefficiencyandalsoinfluenceinvestme

8、ntsStudyingfromBehavioralCorporateFinanceisaninnovationofthatkindofresearchonInternalCapitalMarketandprovidesanewmethodThisresearch’sbackgroundisthe2007SubprimeCrisisAndthosemanagementandinvestorsirrationalbehaviormentio

9、nedherewerecausedbythatcrisisThispapersystematicallyillustratestherelationshipsamongthoseirrationalbehaviorInternalCapitalMarketandcorporateinvestments，includinghowmanagementandinvestorsirrationalbehaviors，InternalCapita

10、lMarketwhichisformedbypublicfirmsofacorporategroupandpublicfirms’controllingshareholderandrealcontrolleraswellasfirmscontrolledbythatshareholderandrealcontrollercaninfluenceinvestmentdecision；andhowIntemalCapitalMarketre

11、actstothoseirrationalitiesFirstequitydependentandequityindependentlistedfirmsofacorporategrouparedistinguishedThendetermineequitydependentfirmswithmanagementoveroptimisticandequityindependentfi加switIlinvestorsunderestima

12、tingirrationalityThroughempiricaltestwefindthatthesetwokindsoffLrmShavedifferentinvestingscale，respectivelyunderinvestingandoverinvestingnereasonisasfollows：managementoveroptimismhasequitydependentfirms’externalfinancing

13、constrainedandthenleadstounderinvestment；howevercapitalobtainedfromInternalCapitalMarketispositivelyrelatedtoinvestmentsayingInternalCapitalMarketeasesfinancingconstraintanddoesjobeffectivelyBesides，equityindependentfirm

14、s’investmentisnegativelyrelatedtoinvestors’irrationalitywhilepositivelyrelatedtoInternalCapitalMarket州廿1coefficientof0638，sayingIntemalCapitalMarketturnsaroundmanagementcateringtoinvestors’irrationalitybutanexcessofInter

15、nalCapitaldecreasesefficiencyofusingcapitalandleadstooverinvestmentThiswayInternalCapitalMarketdoesn’tworkwellenoughanditpointsoutthatcontrollingshareholderandrealcontrollercanpositivelymakeuseofInternalCapitalMarkettoin

16、fluencetheinvestmentdecisionofcorepublicfirmsbelongingtoacorporategroupLastlythispaperproposessomemeasurestoimproveInternalCapitalMarketefficiencyandoptimizecorporateinvestmentdecisionthenwiselyreacttoirrationalbehaviors