我國上市公司內部資本市場資本配置效率研究——來自滬深兩市利益輸出型上市公司的經驗數據.pdf

1、東南大學碩士學位論文我國上市公司內部資本市場資本配置效率研究來自滬深兩市利益輸出型上市公司的經驗數據姓名：任路友申請學位級別：碩士專業(yè)：工商管理學；會計學指導教師：吳應宇20110307ResearchontheCapitalAllocationEfficiencyofInternalCapitalMarketsofChineseListedCompany：BasedontheEmpiricalDataofTunnelingListed

2、CompanyGraduate：RENLuyouSupervisor：WUYmgyuABSTRACTAfterfinancialcrisisof2008ChineseenterprisesexternalfinancingislimitedwhichpromotetherapiddevelopmentofinternalcapitalmarketsofthegroupTheresourcesofinternalcapitalmarket

3、aremainlyallocatedthroughavarietyofrelatedtransactionsactivitiesIfthelistedcompanysactivitiesofrelatedpartytransactionsarebasedontheprinciplesofopenness，impartialityandgood僦th，orbasedonsafeguardingthelegitimaterightsandi

4、nterestsofshareholdersthenthetransactionisanormalbehaviorInrecentyears，theunusualeventsofcompanyheadquartersusinginternalcapitalmarketstoadjustprofits，modifystatementsoroccupylistedcompanysreSOUrCeSisrepeatedlyexposedwhi

5、chnotonlydamagestheinterestsofsmallshareholdersbutalSOaffectedthebusinessvalueoflistedcompaniesTherefore也eresearchontherelationshipbetweentunnelingbehavioroflistedcompaniesandtheperformanceoflistedcompaniesisveryimportan

6、tInthispaperfLrsfly，thebasictheoryofinternalcapitalmarketandthetunnelingbehaviorarereviewedThenthetunnelingbehaviorinternalcapitalmarketisdividedintofundinglending，securedmortgageandequitytradingandthereasonswhyrelatedtr

7、ansactionsexistareanalyzedfromtheperspectiveofgametheoryOnthisbasis。therelationshipbetweentunnelingbehavioroflistedcompaniesandtheperformanceoflistedcompaniesisdescribed，andthehypothesisesofthispaperareraisedAfterthatthe

8、variablesandsampledataaleselectedandempiricalresearchmodelisbuildedIu∞factoranalysisandOLSEregressionmodeltotestthetunnelingbehavioroflistedcompaniesininternalcapitalmarketduring20072009andobtaintheconclusionthattunnelin

9、gbehaviorofchineselistedcompaniesissignificantlynegativetofirmperformanceThatistosaycapitalallocationefficiencyofinternalcapitalmarketislOWoreveninvalidIntheend，accordingtothefactofthelowefficiencywegivesomesuggestionsab