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内部资本市场能够为企业缓解融资约束、提高资本配置效率,内部资本市场的形成与运作离不开企业对其内部资本的运作。通过具体的运作方式,内部资本市场实现了改变自身边界、提高企业资本投资效率的目的。以企业集团为例,本文通过从内部资本市场对内、对外两个活动方向,介绍了内部资本市场的具体运作形式及其驱动因素,将内部资本市场运作活动与企业行为动机密切联系在了一起,并指出对企业集团内部资本市场运作的最终动机都是要实现集团利益最大化。
Internal capital markets can ease the financial constraints for enterprises to improve the efficiency of capital allocation, the formation and operation of the internal capital market can not be separated from the operation of their internal capital. Through the specific mode of operation, the internal capital market has realized its purpose of changing its own boundaries and improving the efficiency of capital investment in enterprises. Taking enterprise group as an example, this paper introduces the internal operation of the internal capital market and its driving factors from the internal capital market for both domestic and foreign activities, and closely links the operation of the internal capital market with the motivation of the enterprise. , And points out that the ultimate motivation for the operation of the internal capital markets of the enterprise groups is to maximize the interests of the group.