Research On The Efficiency Of Internal Capital Allocation Of Shandong Heavy Industry Group Under The Combination Of Industry And Finance

At present,China is at the intersection of two hundred years of era,economic development is moving from a high-speed growth stage to a high-quality development stage,in the transition stage,coupled with the impact of the new crown pneumonia epidemic,the capital market is relatively sluggish,enterprise groups in the financing channels,fiscal and tax support and market evaluation and other aspects are facing many restrictions,resulting in enterprises in the external capital market,especially in terms of financing is difficult to fully highlight the effectiveness.Considering that there is information asymmetry or agency problems in the process,there will be higher financing risks in the process of external financing,and at the same time,there will be higher acquisition costs in financing acquisition.The survival and development of enterprise groups are inseparable from good capital operation,especially for state-owned equipment manufacturing enterprises with intensive capital and technology,which in this case,the enterprise groups begin to turn their attention to the internal financing market in the process of financing.In this way,in the process of financing,it can alleviate the pressure of its own financing acquisition in the external market and ensure that the capital allocation is optimized.The combination of industry and finance is a very good model for creating an internal capital market,through the establishment of financial companies,investment companies,leasing companies,shareholding commercial banks,etc.,in the internal can achieve a scientific and reasonable resource allocation platform construction,based on this centralized scientific allocation of internal capital.However,considering that China does not have a perfect capital market at present,and at the same time in the planning of enterprise equity,the group prefers the pyramid equity structure,coupled with the fact that the current enterprise does not have a perfect governance structure,resulting in the internal capital of the enterprise in the market does not have a relatively excellent market efficiency,so studying the internal capital allocation efficiency of the enterprise group and finding out the reasons for the inefficiency is of great practical significance for the development of the enterprise group.The Shandong Heavy Industry Group studied in this paper is in a perfectly competitive construction machinery industry,the group has a huge scale,has high requirements for the allocation of internal resources,and the development period is also constantly exploring the way of combining industry and finance,establishing Shandong Heavy Industry Group Finance Co.,Ltd,Shandong Heavy Industry Group Financial Leasing Co.,Ltd,and its subsidiaries have also participated in commercial banks,etc.,forming a very complete internal capital market,and in recent years,Shandong Heavy Industry Group’s capital operation in the internal capital market is very frequent.In this way,it provides the necessary case support for the current indepth assessment and analysis of the efficiency of internal capital market allocation.Specifically,in the process of discussing the views in this paper,the first thing is to sort out the corresponding literature,such as the combination of industry and finance and the internal capital market.Based on this,the summary analysis of the current viewpoints is carried out,and the research ideas and methods of this paper are proposed;secondly,the concept,significance,efficiency evaluation method and influencing factors of the internal capital market are clarified,and the theoretical basis of this paper is discussed in depth;third,in the process of research,case analysis countermeasures are introduced in this paper to explain and analyze the views on the construction and operation of the internal capital market of Shandong Heavy Industry Group.Based on this,the cash flow sensitive method based on the return on assets of the previous period and the adjusted profit sensitivity method were completed in the calculation;subsequently,based on specific practice,the impact on the efficiency of the internal capital market was deeply analyzed from the perspectives of equity structure,diversification strategy,and capital supervision;finally,the research conclusions of this paper were given,and the corresponding optimization suggestions were given for how Shandong Heavy Industry Group achieved the efficiency of its internal capital market,and in the process of research,A comprehensive analysis and summary of the corresponding experience in the optimization of the internal capital market of other large enterprises was carried out.