Study On Allocative Efficiency Of Internal Capital Market Of State-owned Listed Companies

Capital market starts because of the revolutions of China and the changes of the economic system from a planned economy to a market economy, capital market development also contributed to the state-owned enterprise reform. After the reform of state-owned enterprises, financing channels are changed, many large state-owned enterprises to "Carve-Outs" and other forms of access to capital markets and capital operation with related enterprises, creating an internal capital market. In general, the existence of internal capital markets can ease the financial pressure on enterprises to improve capital efficiency, thereby enhancing the effectiveness of the whole enterprise. However, if used properly, the internal capital market will become a channel for transfer of benefits. Then the state-owned enterprises in China’s internal capital market allocation efficiency is what a state it, this article was to answer this question.Internal capital market theory has been abroad four years, but in our country only10years. The domestic of internal capital market were reviewed, and the internal capital market theories were analyzed. Then found that the stat-owned listed company’s capital allocation within the capital market is inefficient. Regression results can be seen from the corporate governance issues, management of multiple incentive problems and excessive management all contribute to the state-owned listed companies and inefficient internal capital market allocation factors. Finally, China’s state-owned companies on the internal capital market inefficiencies in capital allocation causes and countermeasures are described.Internal capital market give full play to its highly efficient capital allocation function, also need to continuously improve the external economic environment, but also need to continue their academic studies, continue to explore the internal capital market operation rules, and recommend improve its operational efficiency.