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Title: Diversification, Operation Scale and Efficiency of Internal Capital Market——An Empirical Analysis Based on Holistic Listing of Enterprise Groups
Source: International Conference on Engineering and Business Management 2012(Part 1 Enterprise Operation and Management（1）) (pp 115-121)
Author(s): Hongyan LV, Tianjin University, Tianjin, China, 300072;Shandong Institute of Business and Technology, Yantai, China, 264005
Liming Wang, Shandong Institute of Business and Technology, Yantai, China, 264005
Abstract: This paper draws a sample of Enterprise groups which have been successful in Holistic listing from 2008 to 2010, testing the relativity between the degree of diversification and the operation scale and efficiency of Internal capital market with SAS8.1.The results showed that the scale of internal capital market had no significant effect on the degree of diversification. In other words, diversified investment strategies do not depend on the operations of internal capital market in holistic listed enterprise groups. Meanwhile, that the operation scale of internal capital market is marked positive correlation with Tobin's Q proves the positive effects of normative operations of internal capital market in promoting the value of enterprise groups.
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