Background of management and efficiency of internal capital markets—empirical from Chinese A-Shares listed companies

Internal Capital Market (ICM) is a financing market that exists inside the enterprise, to implement the various resources include funds, manpowers and technologies circulation between departments, therefore the efficiency of ICM affect enterprise’s operation and performance directly (Billet & Mauer 2003, Li-ping Wang 2009), thus the efficiency of ICM becomes managers’ focus of attention. Since 1975 when Williamson first put forward the concept of ICM, scholars research by the common thread of efficiency of ICM from various perspectives. But most of them just through the internal and external enterprise environment factors perspectives therefore ignore the internal resource allocation operator’s perspective.