Research On The Efficiency Evaluation And Influencing Factors Of HNA Group's Internal Capital Market

The emergence of enterprise groups makes the internal capital market come into being,and the internal capital market is an important advantage of group enterprise.It can replace the imperfect external capital market to some extent,which is an important channel for the financing of the member companies.The important role of the internal capital market has become increasingly prominent,the internal capital market efficiency and its influencing factors have gradually become the focus of research.At present,there are some controversies about the efficiency of internal capital market,and the influencing factors of internal capital market efficiency have not formed a unified conclusion.Therefore,the research of internal capital market efficiency and its influencing factors has a certain guiding effect on the practice of enterprise group.This paper chooses the HNA Group as a typical case analysis object.Based on the combination of theoretical research and case analysis,this paper defines the definition of internal capital market on the basis of reading the existing literature,and summarizes the main viewpoints of the internal capital market efficiency,probe into the internal capital market operation pattern and efficiency measure methods,summarizes the factors affecting efficiency,sums up the relevant theoretical basis.Secondly,selecting typical cases,HNA Group internal capital markets,deeply analyzes its internal capital market operation.Using the enterprise value analysis method and two different cash flow sensitivity methods,analyzes the efficiency of HNA Group internal capital market.According to the domestic and foreign research results and the actual situation of HNA Group,to study its internal capital market efficiency factors.This paper concludes with the following conclusions:(1)the internal capital market of HNA Group is effective and shows ascendant trend,and compared with the average capital allocation efficiency of developed countries there is still a large room for improvement;(2)external capital market,HNA Group strategy implementation,corporate governance and financial company's operating problems led to its internal capital market efficiency is relatively low.In view of the research conclusion,put forward the following suggestions:(1)improve the external supervision system,optimize the environment of the capital market;(2)coordinate the implementation of the strategy and the improvement of internal capital market efficiency;(3)optimize the corporate governance structure,improve corporate governance;(4)give full play to the role of financial companies platform,and constantly improve the internal capital market allocation efficiency.