外部资本市场

再次是内部资本市场与外部资本市场的关系。

Last but not the least one is the relationship between internal capital market and external capital market .

然而对资本配置效率的研究长期以来集中在外部资本市场，而对内部资本市场效率研究较少。

However , the research on efficiency of capital allocation has long focused on the external capital market .

ABC企业作为一家新兴的集团性民营企业，由于外部资本市场和内部管理的双重需求，被推向了实施全面预算管理的行列。

For the requirement of internal management and capital market , ABC company has implemented comprehensive budget too .

开拓财务公司与外部资本市场联系的渠道，进一步完善资金配置。

Funds arrangement should be perfected by increasing way connected with foreign capital market .

因此内部资本市场的出现从某种意义上讲是外部资本市场很好的补充。

Therefore , the arise of ICM is a complement to ECM in a sense .

而微观层次的投资银行经营效率高度受制于外部资本市场的效率。

And the running-efficiency of investment bank on micro level troubled outward effectiveness of capital market .

然而，不完善的外部资本市场远远不能满足企业集团的发展要求。

However , imperfect external capital markets is far from meeting the requirements of the development of enterprise groups .

可以说内部资本市场是外部资本市场在企业集团内的替代和延伸。

Internal capital market is alternative of the external capital market in the enterprise and extension within the group .

内部资本市场在企业集团中广泛存在，它可以作为一种重要资源配置机制替代外部资本市场。

Internal capital market is a kind of important resource configuration mechanism as an alternative to the external capital market .

内部资本市场作为缓解外部资本市场对企业信用约束的一项选择，是存在边界的。

Internal capital markets for relief external capital market of enterprise credit constraints of an option that is exists boundaries .

但是相对落后的外部资本市场由于存在信息不对称及代理等问题，不能充分满足企业的外部融资需求。

Because of asymmetric information and agency problems , the external capital market can not meet the financing needs of enterprises .

其中，第一个阶段主要通过外部资本市场完成：第二个阶段主要通过内部资本市场完成。

The first process is completed by the external capital markets : the second process mainly through the internal capital market .

针对这四个方面的问题，本文也探索性地提出一些建设性的意见，针对外部资本市场无效这个缺陷，可以通过合理确定股票期权行权价格来克服。

Pointing to these problems , this paper also proposes some constructive ideas . We can overcome capital market deficiencies through formulating relative reasonable exercise price .

内部资本市场是一个有别于外部资本市场，而又与外部资本市场有着很多共同点的资本运作场所。

Internal capital market is different from the external capital market , however , with the external capital markets , capital operation has a lot of common places .

事实上，在资源配置过程中，除了外部资本市场发挥作用外，内部资本市场也起着重要的作用，它们都是资源配置的一个组成部分。

In fact , in the resources allocation process , in addition to the external capital market to play a role , the internal capital market plays an important role .

内部资本市场是外部资本市场的一种替代和补充，能够有效弥补外部资本市场的不完善，缓解企业融资压力。

Internal capital market is an alternative to external capital markets , and complement can effectively compensate for the external capital market imperfections , to ease pressure on corporate finance .

在现代经济发展中，资本配置是整个资源配置的核心，主要通过外部资本市场和内部资本市场进行。

In the development of modern economic , capital allocation is the core of the whole allocation of resources . Capital allocation primarily works by external capital markets and internal capital markets .

发挥内部资本市场资源配置功能是对我国不完善的外部资本市场的有效补充，具有重要意义。

The function of resource allocation to internal capital market ( ICM ) is a effective complement to the imperfect external capital market ( ECM ), which has a great significance to our economic development .

内部资本市场具有减少企业与外部资本市场之间的信息和激励摩擦、降低交易成本和提高监管力度的作用，因此资金配置更有效率。

Internal capital market has the function of reducing the information problems and inspiration conflicts between the enterprise and external capital markets , reducing the financing cost and improving the financial resources ' allocate efficiency .

内部资本市场和外部资本市场都属于企业资源配置的方式，内部资本市场的存在是基于外部资本市场的不健全。

Both of internal capital market and external capital market are the ways of enterprise resource allocation . The existence of internal capital market is based on the external capital market which is not perfect .

资本配置不仅存在于在外部资本市场，同时也存在于企业集团中的内部资本市场，两者总是以不同的合作形式共同完成社会资本配置。

Capital allocation exists not only in the external capital market , also exist in enterprise group of internal capital market , two different forms of cooperation are always together to complete configuration of social capital .

美国在长期自由经济政策的指引下，一向坚持公司治理依赖外部资本市场的监督，银行只能相机治理。

Under long term guidance of free economic policy , America has all along persisted company management relied on supervision of external capital market , while the bank can only watch for an opportunity for management .

研究结论表明，内部资本市场运作降低了企业价值，上市公司内部资本市场相对于外部资本市场是低效率的；我国企业内部资本市场劣势比较突出，需要进一步完善。

This study concluded that the internal capital market reduces the business value , Chinese internal capital market relatives to the external capital market is inefficient , there are more prominent disadvantage in Chinese internal capital market .

虽然，内部资本市场在微观上表现为企业的多元化投资及其内部的资金管理行为，但是其表现出了与股票市场、银行体系等外部资本市场相类似的金融功能。

Although ICM just look like the fund management in the firm on the micro level , it displays the same financial functions as External Capital Market ( ECM ), such as stock market , bank system etc.

目前我国尚不健全的外部资本市场与企业之间存在着严重的信息和激励摩擦，这严重限制了企业在外部资本市场上的融资活动。

There exist serious information problems and inspiration conflicts in China between the imperfect External Capital Market ( ECM ) and the enterprise at present , which have seriously limited the financial activities of the enterprise on ECM .

其次，基于内部资本市场与关联交易的理论逻辑关系，从最终控制人出发界定我国的内部资本市场，并将关联交易划分为内部资本市场关联交易与外部资本市场关联交易。

Secondly , based on their theoretical logic relationship , and thinking of final control shareholders , we divide related party transaction into two parts , related party transaction in internal capital markets and in external capital markets .

国有企业集团内部资本市场就是存在于企业集团内部的资金筹集机制和资金配置机制，它是外部资本市场在集团内部某种程度上的延伸和替代。

The state enterprise groups as a kind of enterprise groups will be the formation of internal capital markets , state-owned conglomerate internal capital market exists in the enterprise group within the funding mechanisms and funding allocation mechanism .

在现代市场经济条件下，资金的获取主要有两种渠道：一是通过外部资本市场，即证券市场和信贷市场；二是通过企业内部获取，即内部资本市场。

In the modern market-oriented economy , there are two main channels for companies to obtain the capital they need : one is external capital markets : stock market and credit market ; the other is internal capital market .

社会资本先通过外部资本市场把资本配置到不同形态的企业，企业再通过内部资本市场将资本配置到各分部或子公司，从而进一步配置给各投资项目。

First , social capital is disposed for a variety of different forms of enterprises through the external capital market , then the enterprise distribute the capital to each division , subsidiary or different investment project through the external capital market .

对于资本配置，人们首先联想到的一般是股票、债券市场或银行信贷市场等外部资本市场，而忽视了另一类市场&内部资本市场的存在。

As regard to the allocation of capital , people generally think of the stock , the bond or the bank credit market and other external capital markets at first , but ignore the existence of another market-the internal capital market .