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企业集团内部资本市场的建立对于提高集团内部资源配置效率无疑具有重要的作用,但是,由于企业集团的利益驱动以及委托代理问题和寻租行为的存在,又可能使得内部资本市场的功能发生异化,影响公司治理的目标。本文用几个模型分析了内部资本市场功能异化对公司治理的影响机理,提出了加大中小股东的制衡力度、在子公司设立独立的审计委员会、制定科学合理的子公司经理考核制度、明确各子公司的最终控制人、适当限制企业集团内子公司的担保行为等对策建议。
The establishment of internal capital market of enterprise group undoubtedly plays an important role in improving the internal resource allocation efficiency of the group. However, due to the interest-driven, agency-based and rent-seeking behavior of enterprise groups, the internal capital market may alienate the functions of internal capital markets. Impact on corporate governance goals. This paper analyzes the mechanism of the alienation of internal capital markets on corporate governance with several models and puts forward some suggestions to increase the checks and balances among minority shareholders, set up an independent audit committee in subsidiaries and establish a scientific and reasonable subsidiary manager examination system, The ultimate controller of a subsidiary, appropriate restrictions on enterprise groups within the guarantee behavior and other countermeasures.