Research On The Operation And Efficiency Evaluation Of The Capital Market Within The Group

As a kind of scarce resource,capital needs to be allocated reasonably in the operation of enterprises to improve its efficiency.China's economic development is in an important period of transformation.Facing the opportunities and challenges in the new situation,more than 80% of enterprises have embarked on the road of group development through M & A,restructuring and other ways,and grow rapidly with their own scale advantages,resource advantages and information advantages.Part of the reason for its rapid growth lies in its ability to rely on the internal capital market to obtain continuous financial support through internal transactions,internal lending,internal guarantee and other operation modes,so as to achieve the effect of reducing financing constraints,improving capital allocation efficiency and reducing transaction costs.Or just enlarge the financing function? And how can the group take measures to improve the efficiency of internal capital allocation?These are all worthy of further discussion.Based on China's economic environment and institutional background,this paper chooses Shandong heavy industry group,a state-owned equipment manufacturing enterprise with intensive capital and technology,as a case study.Such a large group often has higher requirements for the allocation of internal resources.Often according to the relevant research theories of internal capital market,using the literature research method and case study method,we explore the construction and specific operation mode of internal capital market of Shanzhong group,and focus on the evaluation of the overall operation efficiency and the degree of financing constraints of internal capital market in 2012-2018.Finally,it comes to the conclusion that Shandong heavy industry group facilitates the circulation of funds among member enterprises through the combination of industry and Finance-the establishment of internal financial institutions.The specific operation forms include entrusted loans,related transactions,internal guarantees,financial leasing,etc.,less involving industrial integration and equity structure adjustment.On the surface,the internal financial institutions temporarily solved the capital demand of some members and saved the transaction cost.However,through the evaluation,it was found that the internal capital market operation efficiency was only effective in 2015 and 2017,the overall operation efficiency was not high,and the mitigation of member financing constraints was limited,on the contrary,it pushed up the overall asset liability ratio of the group and increased the financial risk.It is found that the direct reason is that there is no "efficiency" as the principle,which leads to resource mismatch,while the pyramid ownership of the group is too much at the lower level,lack of capital plan management,etc.also has an impact on the operation of the internal capital market.