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军工集团内部资本市场效率研究
引用本文:佟岩,杨棉之,邹舢.军工集团内部资本市场效率研究[J].兵工学报,2009,30(Z1).
作者姓名:佟岩  杨棉之  邹舢
作者单位:1. 北京理工大学,管理与经济学院,北京,100081
2. 安徽大学,工商管理学院,安徽,合肥,230039
3. 中国电力投资集团,云南国际电力投资有限公司,云南,昆明,650000
基金项目:国家自然科学基金资助项目,北京理工大学2008年基础研究基金 
摘    要:军工集团的自身特点使其内部资本市场存在交叉补贴等现象,从而降低内部资本市场效率.建立模型评价集团内部各分支机构的净资产收益率-资本支出敏感性,并以各分支机构的敏感性加总得到军工集团内部资本市场的整体效率分数.利用2007、2008年军工集团所属上市公司的公开财务数据进行测评,结果显示几乎所有军工集团内部资本市场整体效率分数均为负值,即基本无效,与理论分析一致.

关 键 词:企业管理  军工集团  内部资本市场  效率

Research on the Efficiency of Internal Capital Market of Military Groups
TONG Yan,YANG Mian-zhi,ZOU Shan.Research on the Efficiency of Internal Capital Market of Military Groups[J].Acta Armamentarii,2009,30(Z1).
Authors:TONG Yan  YANG Mian-zhi  ZOU Shan
Abstract:Cross subsidization exists in internal capital market due to the specific features of Chinese military groups, which results in deteriorating efficiency of the market. A model was established to evaluate sensitivity between return on equity (ROE) and capital investment of subsidiaries of military groups. Sum of the sensitivity scores indicates the internal capital market efficiency. The efficiency was tested based on public financial data of listed companies owned by military groups from 2007 to 2008. Almost all the groups got negative total scores, which gave evidence of inefficient internal capital market of Chinese military groups. The results are consistent with the theoretic analysis.
Keywords:enterprise management  military group  internal capital market  efficiency
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