摘要
股权结构、公司治理与内部资本市场效率密切相关。本文考察了股权分散和股权集中情形下,双层代理和大股东控制问题是如何影响内部资本市场配置效率的。分析表明,在公司治理不完善时,部门经理的寻租行为和控股股东的掏空行为都会导致内部资本市场的低效率。
The efficiency of internal capital market(ICM) is closely connected with ownership structure and corporate governance.This paper shows how the two-tiered agency and controlling shareholder affect the efficiency of ICM,when ownership is widely held or concentrated.This paper concludes that both rent-seeking behavior of division managers and tunneling activities of controlling shareholder can lower the efficiency of ICM.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2009年第4期120-125,共6页
Journal of Zhongnan University of Economics and Law
基金
中国博士后科学基金资助项目"内外部资本市场互动关系及其政策效应"(20080440588)
关键词
股权结构
公司治理
内部资本市场
Ownership Structure
Corporate Governance
Internal Capital Market
Efficiency
