Abstract: Starting from the signaling effect of the external capital market, the paper studies the signal recognition and governance effect of the market value creation on the capital allocation in the internal capital market. In view of the fact that the efficiency of the current external capital market is not high in our country, whether in the excessive or the adequate investment group, the study finds that the market value creation which is formed by the internal capital market does not form effective signal recognition with regard to the capital allocation function. In the inadequate investment group, though the internal capital markets has certain recognition ability towards those enterprises with good investment opportunities, and can improve the degree of the efficient allocation of capital, it still cannot identify those good companies effectively. At the same time, under the condition of different groups, the internal capital market formed by market value creation does not have an effective signal governance effect on capital allocation function of internal capital market.

Key words: Internal Capital Market, Capital Allocation, Market Value Creation, Signal Recognition, Signal Governance

摘要： 本文从外部资本市场的信号传递效应出发,研究了内部资本市场价值创造对内部资本配置功能的信号识别及治理效应。研究发现,在当前我国外部资本市场有效性不高的现实背景下,不管是从过度投资组还是投资不足组,内部资本市场所形成的市场价值创造并不能对内部资本配置功能形成有效的信号识别。虽然在投资不足组,内部资本市场对具有较好投资机会的企业有一定的识别能力,能够提高资本的有效配置程度,但仍然不能实现有效识别。同时,内部资本市场所形成的市场价值创造在不同的分组条件下,也不能对内部资本配置功能形成有效的信号治理效应。

关键词: 内部资本市场, 资本配置, 市场价值创造, 信号识别, 信号治理