内部资本市场与多元化的关系研究

自从内部资本市场概念提出以后,内部资本市场理论研究不断丰富,但对内部资本市场和多元化的关系问题还存在不同认识。本文认为,内部资本市场与多元化既不是直接引起与被引起的因果关系,也不是不相关的,而是相互密切相关。内部资本市场的稳定运行促进了多元化企业集团的健康发展,适度的多元化可以促进内部资本市场的优势的发挥,但过度多元化则会降低内部资本市场的资源配置效率。

A Study on the Relationship between Internal Capital Market and Diversification

Since the concept of internal capital market is put forward,studies on internal capital market theory have continually improved,but there are different viewpoints on the relationship between internal capital market and diversification.This paper reckons that the relationship between the two is of neither causality nor irrelevance,but is closely related to each other.The stable operation of internal capital market can improve the healthy development of diversified enterprise groups and the rational diversification can facilitate the advantages of internal capital market.However,excessive diversification will reduce the efficiency of resource allocation within internal capital market.