摘要
以内部资本市场理论为基础,以中石油集团资金结算模式创新3个阶段为研究对象,从制度、流程和信息技术的创新及融合来详细分析每个阶段的作用机制,并从信息不对称、融资约束、交易成本和资金传导效率几个角度进行数据验证。结果表明,从制度、流程和信息技术应用3个方面对资金结算模式不断创新和融合有效地改善了内部资本市场经济后果。
In this paper, based on the ICM theory, taking the cash management innovation process of CNPC as the research object, we analyze the mechanism of system innovation, process in- novation and IT innovation in details, and make empirical study on from the perspectives of system a- symmetry, financing constraint, financing cost and capital transmission efficiency. The results indi- cate that the innovation and integration of system, process and IT improves ICM economic conse- quences and solves the current internal capital problem of Chinese groups.
出处
《管理学报》
CSSCI
北大核心
2012年第11期1593-1599,共7页
Chinese Journal of Management
基金
国家自然科学基金资助项目(70872106)
国家高技术863计划资助项目(2012AA040904)
关键词
内部资本市场
企业集团
资金结算模式
运行机制
经济后果
ICM
enterprise groups
funds settlement innovation
operational mechanism
eco-nomic consequences
