Study On The Alienation Of The Internal Capital Market Function Of F Group And Its Influence

With the rapid development of the market economy,China's group enterprises have become more and more large-scale through diversified operations.The external capital market provides a steady stream of funds for enterprise development.However,due to the existence of financing constraints,external capital markets alone cannot Very good to meet the needs of the company's financial operations.At this time,the group companies can supplement the internal capital market as an external capital market,and play an internal financing function through mutual guarantees,related transactions,internal lending,etc.,in order to reduce the financing constraints,improve the efficiency of capital allocation and reduce the cost of financing.However,the operation of the internal capital market does not always play an active role.In many cases,due to the imperfect corporate governance structure and the lack of external supervision,the internal capital market is likely to be alienated as a platform for the interests of the group's major shareholders.This paper analyzes the status quo and the reasons of alienation of the internal capital market function of the group enterprises,and selects the F group as the specific research object,and conducts an in-depth study on the functional alienation of the group's internal capital market.Through the in-depth analysis of the specific indicators of the 11 listed companies in the F Group from 2013 to 2017,the internal indicators of the internal capital market will reduce the profitability and corporate value of the company.This will reduce the sustainability of the company's earnings,and cause the scale of investment and financing of enterprises to be abnormal,and the structure of investment and financing is unreasonable.In order to improve the status quo of functional alienation in the internal capital market of the group,based on the research conclusions,the corresponding countermeasures are proposed for the group itself and the regulatory authorities.