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企业投资决策以及企业资本配置是否符合效率原则的问题是公司金融研究领域一个经久不衰的课题。企业内部资本配置和外部资本市场在企业之间的资本配置是微观资本配置问题的核心,同时公司治理在促进企业投资以及增进资源配置效率方面发挥着重要作用。本文从完美资本市场下的资本配置、外部资本市场运作、企业内部资本配置等方面对相关研究作了评述,在此基础上提出了一个新的分析框架:从外部资本市场和企业内部资本市场的相互作用入手探讨企业资本配置问题,并且尝试运用这些理论成果分析和解释新兴市场国家发展过程中遇到的问题和现象。
The problem of whether corporate investment decisions and corporate capital allocation meet the principle of efficiency is an enduring issue in corporate finance research. The allocation of internal capital and the external capital market between enterprises are the core of micro-capital allocation. Corporate governance also plays an important role in promoting enterprise investment and improving the efficiency of resource allocation. This article reviews the related research from the aspects of capital allocation, external capital market operation and internal capital allocation in the perfect capital market. Based on this, a new analytical framework is put forward: from the external capital market and the internal capital market Interaction to explore the issue of corporate capital allocation, and try to use these theoretical results to analyze and explain emerging market countries in the process of development problems and phenomena encountered.