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管理学系列Seminar(4)-朱松
发布时间:2010-01-05       浏览量:
题目:Efficiency of Multiunit Structure and Internal Capital Market
报告人:朱松博士,北京师范大学经济与工商管理学院
时间:2010年1月7日(星期四)下午3:00-5:00
地  点:北京师范大学主楼B区507
Abstract: Multiunit structure can internalize the managerial market to promote
competition among subsidiary managers, and create an internal capital market within firms to alleviate external financing constrains, and it also may lead to diversification to lower the operation risk and regulation risk. Meanwhile it brings in more agency problems created by subsidiary managers, causing the efficiency of internal capital market and diversification confusing. Using the data of listed firms in China, an emerging market, this paper examines the efficiency of multiunit structure within the firm, investigating its influence on capital allocation and firm performance. We find that multiunit structure is better in emerging market since it is efficient in capital allocation, reducing the inefficient investment by reducing the overinvestment and alleviating the underinvestment, and the bright side of multiunit structure dominates the agency problem associated, thus beneficial for firm performance, both short-term and long-term accounting returns. In all, in less developed capital market under current situation, multiunit structure is better.
Key Words: Multiunit Structure; Internal Managerial Market; Internal Capital Market; Agency Problem