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企业投资决策是否符合效率原则、如何提升资本配置效率是经济学的重要问题。在以外部资本市场为基准,考察企业的内部资本配置时,相关理论揭示出,内部资本市场既可以通过多钱效应、聪明资金效应提高资本配置效率,也可能通过寻租、权力争斗等机制降低资本配置效率;而且,深入组织内部的研究表明,企业组织结构设计、内部权力配置和绩效测度等方法是提升企业内部资本配置效率的有效机制。
Whether the investment decision-making of enterprises meets the principle of efficiency and how to improve the efficiency of capital allocation is an important issue in economics. When examining the internal capital allocation of enterprises based on the external capital market, the relevant theory reveals that the internal capital market can not only improve the efficiency of capital allocation through the multiple-money effect and the smart capital effect, but also reduce the rent-seeking and power-struggle mechanisms Capital allocation efficiency; moreover, in-depth study of the internal organization shows that the organizational structure design, internal power allocation and performance measurement and other methods are effective mechanisms to enhance the efficiency of the internal capital allocation.