Internal Capital Market Efficiency And Its Impact On Enterprise Value

This paper aims to improve the empirical measure model of internal capitalmarkets (ICM) efficiency, which will be introduced to the empirical analysis, in order toclarify the influence of the ICM efficiency on the enterprise value. This article regulatedanalysis and empirical analysis, based on the related theory and detailed literaturereview, put forward a new ICM efficiency measure model and selected the A+H listedcompanies as the samples to make analysis by factor analysis and multiple regressions.The research results show that cash sensitive coefficient based on the previous return onassets involved in variety of investment is relatively appropriate ICM efficiencyempirical measure index; the influence factors of ICM value creation include8factors,such as corporate governance factors, equity concentration degree factors, operatingresults factors, management factors, the enterprise market value factors, ICM scale andcarrier factors, ICM efficiency factors and relations resource factors; the results indicatethat enterprise value which is the explained variable is positively related to ICMefficiency and salary incentive to directors, and is negatively related to the degree of theagency problem, the high quality of human resources and relationship resources. A newidea was provided to resolve the issues between the ICM efficiency and enterprisesvalue, and this research is beneficial for the ICM construction and development inmodern enterprises, there is a practical significance.