Business Group Internal Capital Market Efficiency Research

Enterprise group have emerged as a platform to construct internal capital market, the internal capital market is rapidly developed operation.Internal capital markets can reduce the limitation of external capital markets, and to a certain extent, can replace the external capital market as an effective way.Through internal capital markets, companies have more than one investment opportunities could relax the funding constraints facing to some extent.In this paper, the internal capital market theory combined with the characteristics of China’s stock market, the enterprise group possible ways and results of internal capital markets are discussed.Internal capital market efficiency and the management structure and development of the enterprise group size is interacting.Internal capital market belongs to the enterprise group’s internal capital operation part, the perfect degree of the corporation governance structure has a large influence on its.On the internal capital market allocation efficiency must implement a dynamic, comprehensive and systematic study.And in the process of enterprise group management, internal related party between the backdoor listing of behavior will not only to the group’s business scale, organizational structure and control of the relationship between various influence, but also affect the disposal of the resources, thus influence enterprise group allocation efficiency of internal capital markets.Based on the case of dalian heavy industry backdoor listings as the research object, by adopting the combination of theoretical analysis and case study, first of all related important theories of the efficiency of internal capital market is described, and then according to the dalian heavy industry, lifting group internal absorption of merger and acquisition ways of analyzing backdoor listing of the subsidiary, as case study to enterprise group’s internal backdoor listings between related parties internal capital markets on its internal capital market efficiency.Article using the method of sensitivity analysis, investment Q enterprise value and cash flow sensitivity method for the analysis of dalian heavy industry, lifting the efficiency of internal capital markets group.The research results show that the internal capital market efficiency under the influence of each division, a single branch of effective management does not improve the group’s overall capital allocation efficiency.Dalian heavy industry, lifting group through the backdoor subsidiary to achieve the overall listing is good for the development of the group and its subsidiaries, not only to improve the operating performance of the subsidiary, and realize the overall development of the group, but as a result of group internal cross-subsidies phenomenon, the group will capital allocation to the branch in low return on investment, reduced the enterprise group’s overall efficiency of internal capital markets.Therefore, the enterprise group management goal should be within the division of economic interests coordination.By analyzing the factors that influence efficiency of internal capital market to enhance efficiency and overcome reduction effect factors, so as to build an efficient internal capital markets, which is the core of the internal capital market efficiency research.