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中文摘要：
我国20多年来的市场化改革虽然整体上大大提高了各地的市场化程度，但上市公司与其大股东的内部市场运作依然普遍。本文从内部市场的公共治理和公司治理功能双重视角分析这一现象背后的根本原因。对我国2000-2005年6271家上市公司样本的实证研究发现：内部市场运作与其所在地区市场环境的不发达程度、大股东的集团控制和一股独大等特征及其与对地方政府的重要程度显著正相关。效率促进、大股东掏空以及地方政府公共治理是大股东内部市场形成和发展的重要因素，这说明，大股东的内部市场同时具有公司治理和公共治理功能，进一步发现，公共治理功能在内部市场中是第一位的，公司治理从属于公共治理。
英文摘要：
Transaction cost theory argues that, the relative advantage of internal market in a business group only exits when the outside market is poor, But it seems not true in China. when the 20 years＇ market reform in China greatly improve the whole market environment, most Chinese listed firms still build a developed internal market with its large shareholders, In this paper, we try to find out the underlying factors. We argue that. the imbalance of market reform between different districts, large shareholder＇s tunneling incentive and the desire of local government to enforce publicgovernance are the three fundamental factors that cause the establishment of internal market, FurthermOre, we fred that public governance has the first order effect on internal market, and corporate governance is subject to public governance.
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