内部资本市场存在性、有效性及其公平性的理论演绎

文章构建了大股东控制下的企业集团内部资金借贷优化模型,推导并演绎了内部资本市场的存在性、有效性和公平性。研究发现,理想型内部资本市场实现了资本配置的最优化,形成参与博弈各方"共赢"的局面;附加冲突成本的效率型内部资本市场在一定条件下存在和有效,可以持续维持参与博弈各方的持续合作,实现社会福利的增加;利益输送型内部资本市场资本配置扭曲,有损效率性和公平性,并且不可持续。本文的结论可以为实证研究提供理论依据。

Theoretical Deduction on Existence,Effective and Its Fairness of Internal Capital Markets

An optimization model about the borrowing of funds within enterprise group under the control of major shareholders is set up, in which the existence, effectiveness and fairness of internal capital markets is deduced. It is found that, capital allocation optimization may result in the ideal internal capital markets, in a "win-win" situation for all parties involved in the game. While the internal capital allocation can be kept,continuous cooperation of all parties, and increasing in social welfare can be met in the internal capital markets with conflicting costs under certain conditions.A distorted capital allocation may result in the transfer of benefits type of internal capital markets, where the internal capital allocation was not sustainable, and the efficiency and fairness is compromised. Conclusions of this study provide a theoretical basis for the empirical research.