Internal Capital Market，Investing，and Financial Behaviors of Listed Company Owned by Families in China
By focusing on the case of Tomorrow Technology,this paper intends to identify the characteristics of investing and financial behaviors of Iisted companies in the family-owned enterprises groups from the Internal Capital Market (ICM).Our results reveal that Tomorrow Technology plays the role of financing window in its group.In this role，Tomorrow Technology actually becomes a financial platform for its group.That is to say, the funds financing by Tomorrow Technoiogy are not used for its own development，in contrast，most funds are transferred to other non-listed firms in the same group by the controlling shareholder.The results further prove that the alienation of investing and financial behaviors of listed companies would worsen the operating performance and damage the minority shareholders wealth of the listed firms.This case study would certainly promote our understanding of the opportunism characteristic of ICM in family-owned enterprise groups in China.Hence，this paper adds some ideas for policy makers to improve government regulations.
Internal Capital Market Investing and Financial Behaviors Economic Consequences Listed Company Family-owned Enterprises Groups
Yan-fang XU Yi ZHOU
Business School Renmin University of China,Beijing,P.R.C. 100872
国际会议
The Second China Private Economy Innovation International Forum(第二届中国民营经济创新国际论坛)
浙江台州
英文
499-504
2009-08-21（万方平台首次上网日期，不代表论文的发表时间）