在金融业综合经营的趋势背景下，本文首次从组织复杂性视角研究我国金融集团内部资本市场的效率问题。在理论上，界定了金融集团的组织复杂性，探讨了其与内部资本市场效率潜在的线性和非线性关系。在实证上，运用熵值法计算金融集团的组织复杂性，构建“投资现金流敏感性分析”模型，检验了样本金融集团内部资本市场的存在性和有效性以及其效率与组织复杂性的关系。研究发现，我国样本金融集团普遍存在有效率的内部资本市场，且组织的结构复杂性和行为复杂性与内部资本市场效率具有倒U型曲线关系，组织的关系复杂性对内部资本市场效率没有显著影响。因此，可以通过组织复杂性的优化管理来提高金融集团内部资本市场的效率。
With the integration of financial businesses, this paper focuses on the relationship between organizational complexity and internal capital markets efficiency in financial conglomerates. It is the first application of the theory of organizational complexity into micro financial organizations. Organizational complexity in financial conglomerates is defind, and then linear and non-linear relations between organizational complexity (as a path) and of internal capital markets efficiency (as a result) are explored in a theoretical perspective. In its empirical study, Chinese financial conglomerates and their financial subsidiaries are used as sample firms to estimate their organizational complexity by using the entropy method. Based on a model of investment cash flow sensitivity analysis, the existence and efficiency of internal capital markets, and its relations with organizational complexity are also tested by building up linear and non-linear regression models. The study finds that, Chinese financial conglomerate samples have efficient internal capital markets. And structural complexity and behavior complexity have an inverted u-shaped relation with internal capital markets efficiency, while relations complexity does not. Therefore, it is possible to improve internal capital markets efficiency in financial conglomerates through managerial optimization of organizational complexity. The paper contributes to a further understanding on how organization evolution shapes up internal capital allocation, as well as practical implications for improving capital allocation efficiency.
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