Research On Operational Efficiency Of Poly Group Internal Capital Market

In the mid-twentieth century,under the tide of globalization and diversification of business development,the U.S.market set off a massive wave of mergers and acquisitions.Enterprises formed a large number of enterprise groups through mergers and acquisitions and other means.The rise of enterprise groups in our country is relatively late but has developed rapidly.A large part of the reason for this is due to the vigorous promotion by the government.It can be said that building a large number of large-scale enterprise groups is also an important measure in the course of the reform of state-owned enterprises in our country.Enterprise Group has a number of independent enterprises together,the implementation of unified management,and capital allocation between member companies.An enterprise group is not only an intermediary between the external market and an independent enterprise,but also an intermediary between the government and an independent state-owned enterprise.An internal capital market for an enterprise is an informal capital market that exists in the enterprise relative to the external capital markets of an enterprise.It can be provided between enterprise groups of parent companies and subsidiaries,as well as between subsidiaries,its affiliates and group companies related companies provide financing,asset allocation and other services.This article starts from the internal capital market of enterprise group in our country and analyzes the related theory of internal capital market efficiency based on the existing domestic and foreign research achievements.Taking the large-scale state-owned Poly Real Estate Group as a case study object,by starting with the construction and operation mode of the group's internal capital market,using the efficiency measurement tool-the improved adjusted profit-sensitivity coefficient method to calculate the operating efficiency of Poly Group's internal capital market,Combined with the business performance and investment opportunities of enterprises to conduct a comprehensive analysis of its operating efficiency,and then analyzed the Poly Group's internal capital market efficiency compared to the high efficiency of developed countries,the reasons for the lower operating efficiency.Finally,it puts forward some countermeasures and suggestions on the operating efficiency of the internal capital market of Poly Group and the operation and development of the internal capital market of Chinese enterprise group from the perspective of influential factors,which is of practical significance.