| Theoretically, although there lies the viewpoint that internal capital market (ICM) is invalidate, relative to ECM, ICM have advantages in the field of supervising, stimulating and capital's deplaying again and so on, so ICM Can arrive at the effect of inducing the member enterprises' financing constraints. This dissertation made theoretical analysis and a case study to the ICM and financing constraints in Chinese business groups. It starts with the introduction of relative background in China, then, it tries to thoroughly, systematically and deeply study ICM respectively from the ICM's running mechanism, functional characteristics, relieving the financing constraints etc, basing on the entirely analysis and combining the characteristics of china transition economics structure, the dissertation takes the Tomorrow Group for example to analyze how the internal capital market affect the financing. Finally, the research shows business groups can enlarge enterprise's financing capability and ease financing constraints effectively under the background of our country's established system.It conatins six chapters:The first chapter is the introduction of the dissertation. It primarily hands over studying background,research meaning and purpose,research framework and research innovation.The second part summarizes the existing literature about ICM and financing constraints. The third chapter analyzes theory of ICM and the Chinese system background from aspects of country,market and group holding company. The fourth and fifth chapters research how the ICM affects financing constraints in Chinese business holding group from Tomorrow Group, Our results reveal that Listed company plays the role of financing channel in the Tomorrow Group.Under this circumstance,Listed company actually becomes an operating platform in ICM of Tomorrow Group.The last chapter reaches our conclusion,advances some policy proposals and points out the limitation of the dissertation. |
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