企业集团内部形成的资本市场具有降低交易成本、进行有效监督、优化资本配置、放松外部融资约束等方面的优势。但内部资本市场规模并非越大越好,超过一定规模会降低企业集团整体的运作效率。因此,探究企业集团内部资本市场的最优规模,以达到集团整体效用最大化有着十分重要的意义。
Internal capital market in enterprise group can decrease transplant cost , monitor effectively, allocate capital and loose, finance restraint and etc. But it is not always better for bigger size of internal capital market, Oversize may decrease operation efficiency. So to find size of internal capital market in order to realize maximum in utility is of insignificance.