Research On Dynamic Capabilities Perspective Of Internal Capital Market Operation

With the deepening of the corporate diversification strategy in China, the enterprise group has become an important form of business organization. Under the condition of imperfect external capital market, internal capital market is an indispensable part of capital allocation process for its advantages. It is widely used in China’s enterprise groups. Internal capital market has become an important tool to promote the development of enterprises. Internal capital market has the function of optimal allocation of internal capital more and more attention which becomes one of the hot issues of theoretical and practical circles. Under the guidance of enterprise group strategy, the research on how to build and operate of internal capital market has important theoretical and practical significance.On the basis of related literature review at home and abroad, the paper introduced into strategic perspective through the theoretical analysis, analyzed the internal capital market from the aspect of enterprise group strategy. Then, the paper constructed an analysis framework based on the dynamic capability of internal capital markets. The framework combined the operation mode of enterprise group strategy under the dynamic capability theory and internal capital market operation process under emerging markets in our country. At the same time, through the case analysis method, the paper further proved the importance and rationality analysis framework and got the conclusion.The research results show that the framework based on the dynamic capability of the internal capital market from construction to operation and interaction process analysis is of great significance. The framework based on the dynamic capability of the internal capital market helps to understand the operation mechanism and optimize way of internal capital market. In the framework, enterprise strategic positioning of the integration of external resources is the key to the construction of internal capital market. Acquiring dynamic capabilities has an important role for the integration of resources and capabilities as well as strategic target realization. Path dependence is the important mechanism of the internal resources integration operation. The process of internal capital market and the external capital market docking, complementary and interactive will strengthen the capital allocation ability of the enterprise group.