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从20世纪70年代初内部资本市场概念提出后,学界开始围绕多元化企业集团对内部资本市场进行研究。近期,随着多元化公司在实践中遇到不少问题,学者们开始多角度地研究内部资本市场,既关注内部资本市场的优势,也考虑内部资本市场对于多元化公司贬值产生的不良影响。目前,对于内部资本市场与多元化的关系颇有争议。本文根据国内外已有研究成果,进一步理清二者间关系,并预测这种关系的未来发展。
Since the concept of the internal capital market was put forward in the early 1970s, the academic circles began to study the internal capital market around diversified enterprise groups. Recently, as diversified companies encounter many problems in practice, scholars began to study the internal capital market from multiple perspectives. They not only focused on the advantages of internal capital markets but also the adverse effects of internal capital markets on the devaluation of diversified companies. At present, the relationship between the internal capital market and diversification is quite controversial. Based on the existing research results at home and abroad, this article further clarifies the relationship between the two and predicts the future development of this relationship.