IS INTERNAL CAPITAL MARKET OF CHINA LISTED COMPANIES EFFICIENT?Empirical Evidences from Listed Companies which Have Multiple Divisions in H-stock
In theory, when external capital market is not efficiency, groups can allocate resource efficiently through internal capital market. In this paper, we studied of listed companies which have multiple divisions in Hstock, used Cash Flow-Sensitivity Based on ROA to validate internal capital market efficiency of large samples. Results display that, on the whole, internal capital market of listed companies is efficiency, and the greater part of listed companies can continually allocate resource efficiently through internal capital market, part of listed companies have excellent capacity to “pick winner. This paper is the first literature which employs listed companies as large samples to evaluate internal capital market efficiency directly, which would make research results more reliable and more representative. It would provide evidences for developing groups in our country and lay the foundation of further research in theory and method.
Internal capital market efficiency Cash flow-sensitivity based on ROA Evaluation method
Fengjuan Wang Zhihua Xie
Business School, Beijing Technological and Business University, Fucheng Road, Beijing, P.R. China
国际会议
13th International Conference on Enterprise Information System(第13届企业信息系统国际会议 ICEIS 2011)
北京
英文
1176-1181
2011-06-08（万方平台首次上网日期，不代表论文的发表时间）