摘要
军工集团的自身特点使其内部资本市场存在交叉补贴等现象,从而降低内部资本市场效率。建立模型评价集团内部各分支机构的净资产收益率—资本支出敏感性,并以各分支机构的敏感性加总得到军工集团内部资本市场的整体效率分数。利用2007、2008年军工集团所属上市公司的公开财务数据进行测评,结果显示几乎所有军工集团内部资本市场整体效率分数均为负值,即基本无效,与理论分析一致。
Cross subsidization exists in internal capital market due to the specific features of Chinese military groups,which results in deteriorating efficiency of the market.A model was established to evaluate sensitivity between return on equity(ROE) and capital investment of subsidiaries of military groups.Sum of the sensitivity scores indicates the internal capital market efficiency.The efficiency was tested based on public financial data of listed companies owned by military groups from 2007 to 2008.Almost all the groups got negative total scores,which gave evidence of inefficient internal capital market of Chinese military groups.The results are consistent with the theoretic analysis.
出处
《兵工学报》
EI
CAS
CSCD
北大核心
2009年第S1期161-164,共4页
Acta Armamentarii
基金
国家自然科学基金资助项目(70902012)
北京理工大学2008年基础研究基金(20082142007)
关键词
企业管理
军工集团
内部资本市场
效率
enterprise management
military group
internal capital market
efficiency
