我國(guó)上市公司內(nèi)部資本市場(chǎng)資本配置效率研究——來(lái)自滬深兩市利益輸出型上市公司的經(jīng)驗(yàn)數(shù)據(jù).pdf

1、東南大學(xué)碩士學(xué)位論文我國(guó)上市公司內(nèi)部資本市場(chǎng)資本配置效率研究來(lái)自滬深兩市利益輸出型上市公司的經(jīng)驗(yàn)數(shù)據(jù)姓名：任路友申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理學(xué)；會(huì)計(jì)學(xué)指導(dǎo)教師：吳應(yīng)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