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首页> 外文会议>Proceedings of the 5th international conference on cooperation and promotion of information resources in science and technology. >Ownership Structure and Internal Capital Allocation in Group
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Ownership Structure and Internal Capital Allocation in Group

机译：集团的所有权结构和内部资本分配

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摘要

The paper presents a capital allocation model in business group in which ownership structure is added. The results show that external capital market and internal capital market are interacted. Internal capital market is more developed when external capital market is less developed, and the legal protection to investors is weak. Based on maximization of controlling shareholder wealth, CEO inclines to allocate internal capital to the less effective affiliated firms. Ownership structure is an important factor in internal capital allocation. Under pyramidal structure, the more divergence between control right and cash flow right, the more possibility to be allocated internal capital at the cost of the benefit of minority shareholders. The capital allocated to affiliated firm affects the level of effect exerted by the manager. The value of affiliated firms is determined by both the amount of capital allocated and managers efforts. The group value is determined by the value of affiliated firms.
机译：提出了增加所有权结构的企业集团资本配置模型。结果表明，外部资本市场与内部资本市场是相互作用的。当外部资本市场不发达时，内部资本市场就更加发达，对投资者的法律保护也很弱。在控制股东财富最大化的基础上，首席执行官倾向于将内部资本分配给效率较低的关联公司。所有权结构是内部资本配置的重要因素。在金字塔结构下，控制权和现金流权之间的差异越大，内部资本以少数股东的利益为代价进行分配的可能性就越大。分配给关联公司的资本会影响经理所发挥的作用水平。关联公司的价值取决于分配的资本额和管理人员的努力。集团价值由关联公司的价值决定。

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