Empirical Research on the Effect of Internal Capital Market Efficiency from Chinese A Shares Listed Companies

Abstract

The paper makes the empirical analysis on factors affecting the A -share listed company's internal capital market efficiency, the study found that in the related factors of corporate governance, control and cash flow rights are associated with the internal capital market positively; the nature of ultimate shareholder and internal capital market efficiency have negative correlation; diversification and internal capital market efficiency levels are significantly correlated; The scale of internal capital and the efficiency of internal capital markets have positive correlation;Internal financial intermediaries and internal capital market efficiency are positively correlated.The results have the guiding significance for understanding and improving internal capital market efficiency of China's listed companies.