Research On The Impact Of Corporate Governance On Internal Capital Market Allocation Efficiency

With the deepening of reform and opening up,enterprise groups have become an important force to support China's economic development.Because of the high transaction cost and financing risk of the external capital market,the capital market within the enterprise group can develop rapidly.As an important mechanism of internal resource allocation in enterprise groups,internal capital market plays an important role in reducing transaction costs,alleviating financing constraints of enterprise groups,and improving financial operation efficiency.However,due to the problems of information asymmetry,principal-agent and incomplete contract,it is difficult to improve the efficiency of capital market allocation within enterprise groups.Rational and effective corporate governance of corporate capital Configuration and operations have a fundamental impact.Based on this,exploring the efficiency of internal capital market allocation from the perspective of corporate governance is of great significance to improve the governance level of enterprise groups,improve the efficiency of internal capital market resource allocation,and promote the healthy and sustainable development of enterprise groups.On the basis of summarizing the current research situation at home and abroad,the paper defines the concept of internal capital market and its allocation efficiency,analyzes and determines the measurement method of intern al capital market allocation efficiency;synthetically analyzes the influence of shareholder behavior,board governance,executive incentive and two-right separtion on internal capital market allocation efficiency in corporate governance by using principal-agent theory,information asymmetry theory,transaction cost theory and efficiency theory;internal capital market allocation efficiency is the explained variable,and the asset-liability ratio and the internal capital market scale are introduced as the control variables;196 family enterprise groups listed in Shenzhen-Shanghai A shares,a total of 525 listed companies are selected as the research objects,and the actual data from 2014 to 2018 are taken as samples for regression statistical analysis.The results show that the internal capital market allocation efficiency of the group is on the low side,the concentration,the proportion of independent directors,the proportion of executive shares are positively correlated with the internal capital market allocation efficiency,and the degree of separation of two rights is negatively correlated with the internal capital market allocation efficiency.Finally from the internal corporate governance structure and external markets two aspects of environment put forward feasible and effective countermeasures and suggestions.