Research On The Improvement Of Allocation Efficiency Of Cnooc's Internal Capital Market

In the middle of the 20 th century,large enterprises in the United States set off a wave of large-scale mergers and acquisitions in the American market to meet the needs of diversification and globalization of operation,and a large number of enterprise groups emerged one after another at this time.The form of enterprise group appeared late in China,but developed rapidly.Since the reform and opening up,China's economy has developed rapidly and the number of enterprise groups has been increasing.At present,enterprise groups have become the mainstream organization in China's market economy.Enterprise groups,the advent of ICM arises at the historic moment,ICM is exist in the enterprise group's internal informal capital market,and also as effective enterprise group makes in the process of operation group collects and redistribution of the internal capital a capital allocation mechanism,play a relieve the financing constraints,reduce the financing cost and improve the service efficiency of funds,and so on,its existence to a certain extent,can replace the imperfect external capital market,for the enterprise group overall value maximization.However,studies have found that ICM does not always play a positive role in resource allocation.In many large enterprise groups,its performance is the low efficiency of capital allocation,value creation effect is not obvious.Therefore,it is of great practical significance to study the allocative efficiency of enterprise group ICM in this paper.From the perspective of enterprise group ICM,this paper summarizes the domestic and foreign research results on ICM allocative efficiency,and sorts out the theories related to the research on enterprise group ICM allocative efficiency,including the concept and organizational form of enterprise group.The connotation and function of ICM;Theoretical basis of ICM;The measurement method of group ICM allocative efficiency and the factors affecting group ICM allocative efficiency.Taking cnooc,a large state-owned enterprise group in China,as the case study object,this paper analyzes the construction status and operation mode of its ICM,and measures the ICM allocation efficiency of cnooc from 2013 to 2017 through indirect calculation,calculation based on excess value and direct calculation,and adjustment of profit sensitivity coefficient model.In addition,the ICM allocation efficiency of the group is further supplemented and analyzed according to the indicators of investment opportunities of various listed companies that are actually controlled by the group and the data directly calculated based on the adjusted profit sensitivity coefficient model.Studies show that cnooc's ICM configuration efficiency is generally effective,but the efficiency is not high,and there is still room for improvement.Furthermore,this paper analyzes the causes of cnooc's low ICM allocation efficiency from the factor characteristics of the group itself,and finally puts forward several countermeasures and Suggestions to improve cnooc's ICM allocation efficiency through comprehensive analysis.