The Research On Relational Capital And Financing Efficiency In Internal Capital Market

Internal capital market(ICM)is the important disposal system of resources for an enterprise group, its rich relational capital has the major impact on the group's achievements, but presently scholars'researches on relational capital are just limited to external capital market, they neglected that rich relational capital also exists in ICM. To study on the issue of the relational capital and the relational financing in ICM is very important to the development of an enterprise group. Therefore, in this article, the penman uses the resource-based theory for reference to analyze the relational financing issue in ICM from the stand point of ICM relational capital. Firstly, it analyzes the connotation, characteristic and the forming process of the ICM relational capital, points out that for establishing relationship the configuration factor of a group is the foundation, presenting credit initiatively is the jumping-off point, and the special-purpose investment is its content; And further analyzes the cultivation system and cultivation method of the ICM relational capital, proposes that an enterprise group may cultivate its ICM relational capital from the three aspects which are strengthening the management on conflict, communicating and coordinating effectively, and enhancing the consistency of organization. Secondly, it analyzes the unique benefits and costs of ICM relational financing from the stand point of the resource differences between the internal and external capital market, and characteristically divides ICM relational financing into internal equity financing and internal bond financing. Lastly, it dialectically analyzes the impact to the financing efficiency caused by ICM relational capital, points out that ICM relational capital plays a role through the network of an enterprise group, and the existing of relational capital makes money as a link in the group and the group itself can take the method of centralized financing which is the precondition and guarantee of the existing of relational capital; Relational capital can guarantee the quality of the information which is needed in financing process, prevent the opportunistic behavior in the financing process, ensure the smooth proceeding of the financing process in ICM, and consequently establish a perfect financial management system in ICM. On this basis, it emphatically analyzes the impact to the financing benefits and costs caused by relational capital, and points out that the relational capital is the source of relational rent, with the evolution of relationship the relational rent will be more and more high. Meanwhile, it points out that relational capital provides conveniences to the rent-seeking activities and may cause the over-investment problem in the internal capital market worse.