内部资本市场缓解了企业集团的融资约束,提升了投资效率,但也增加了公司治理的难度。在缺乏有效公司治理机制的情况下,内部资本市场的功能部分地被异化为经理人寻租或控股股东进行“利益输送”的渠道。本文讨论了内部资本市场功能异化与公司治理的关系,分析了内部资本市场的部分功能异化的原因,提出了治理的建议。 The internal capital market has eased the financing constraints of enterprise groups and increased investment efficiency, but it has also increased the difficulty of corporate governance. In the absence of an effective corporate governance mechanism, the function of the internal capital market is partly alienated as a channel for managers to rent or control shareholders to carry out “interest transfer”. This article discusses the relationship between the function alienation of internal capital markets and corporate governance, analyzes the reasons for the partial dissimilation of internal capital markets, and proposes governance recommendations.