摘要
随着全球金融自由化和金融市场一体化的发展,主要国家的金融体系先后由分业经营模式转向综合经营模式。在向综合经营模式转变的过程中,以美国、日本为代表的国家选择了金融控股公司这一创新的组织形式。我国在世界金融业由分业经营走向综合经营,外资金融集团不断进入我国国内市场的大背景下,也在逐步构建金融控股公司,实行多元化经营。目前虽然我国还没有专门针对金融控股公司的法律法规,也未明确界定金融控股公司,但事实上已存在不同类型的金融控股公司,并且在我国金融系统中扮演着重要的角色。
就形成的金融控股公司而言,母公司和子公司、子公司和子公司之间的资本运作形成了一个内部资本市场,其相对于外部资本市场有所不同。基于此,本文结合兴起的内部资本市场理论来研究金融控股公司,着重对金融控股公司内部资本市场的运作机制及其在该过程中的效率进行探讨。
遵循本文研究思路,文章主要解决两个问题,一是金融控股公司内部资本市场运作机制,一是在该运作过程中的效率。因此,本文在内部资本市场理论基础上,首先从要素分析、特征分析、运作方式三个方面研究金融控股公司的内部资本市场运作机制,并着重在运作方式上分析内部资本市场运作。其次,在实证研究部分,考虑到我国金融控股公司数据可获得性等问题,本文选取我国台湾地区金融控股公司数据。在投资现金流敏感性方法构建的模型基础上,一方面结合金融类公司的特征,对模型中的指标进行改进,另一方面对模型本身加以改进。实证部分采用面板数据研究得出金融控股公司内部资本市场运作中效率如何的结论。论文最后结合实证结果加以分析,为我国兴起的金融控股公司如何在内部资本市场更有效率地运作提供参考依据,以优化我国金融控股公司内部资本市场。
As the development of the global liberalization and the integration of the financial market, major countries of the world have transformed its'financial system from the Separate operation mode into the Comprehensive operation mode. Representatives as the USA and Japan chose the innovative organization mode to form the Financial Holding Companies during their process transforming into the comprehensive operation mode. Chinese domestic market also makes progress with building the FHC's and excises the multiple operation as the background that the global financial market's transformation and continuously investment of the foreign financial organizations. Actually there have been several FHC's of different types in China, though there is lack of specific laws and regulations that defined the FHC's clearly.
The capital operation between the parent company and its subsidiary or just among the subsidiaries form Internal Capital Markets in the FHC's with some differences compared with the external capital markets. Based on the background, this article will combined with the popular theory about the ICM to analysis the FHC's, especially on the viewpoint of the mechanism and efficiency of the ICM's operation process.
For the main ideas of the research, this article will focus on two major points:the ICM's mechanism of the FHC's and the efficiency of the operation process. In the view of the theory of the ICM, this article firstly researches the ICM's operation mechanism of the FHC's from three aspects:element, characteristic and operation method especially on the last one. Second, in the considering of the difficulties in getting data from the FHC's in mainland, this article chooses to use the figures of FHC's in Taiwan district. By using the model structured by the Investment-Cash Flow Sensitivity method to improve the model and the index of the model combined the characteristics of the financial company, the result about how is the efficiency of the ICM in the FHC's is illustrated by the panel data in the demonstration section. At the end of the article, the analysis is based on the result of the demonstration section. And it will offer some reference material and advices about how to operate the rising ICM of the FHC's with high efficiency and optimize it.
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