随着经济的发展和市场竞争的不断加剧，公司为了提高总体竞争力，通过兼并等方式成立了系族集团，此后为了提高资金的配置效率，内部资本市场随之产生，系族集团的内部资本市场能够缓解其面临的融资压力、经营压力与投资扭曲。同时，金融行业的高报酬率吸引了大量实体经济公司的参股加入，很多系族集团通过成立财务公司、持有其他非上市金融企业的股权来实现产业资本与金融资本的融合，这些产融结合行为会以不同的路径对系族集团的内部资本市场运作效率产生影响。本文通过案例研究的方式，研究复星系族集团产融结合模式下的内部资本市场运作效率，以期提高复星系族集团与我国其他系族集团的内部资本市场运作效率。
本文基于产融结合模式下系族集团内部资本市场的发展背景，在梳理国内外相关研究、归纳主要概念与理论的基础上，选取复星系族集团作为案例系族集团，分析产融结合模式下复星系族集团的内部资本市场运作效率。总结了复星系族集团内部资本市场的构建过程、产融结合的不同模式及其有效性、产融结合模式下复星系族集团内部资本市场的具体运作方式；选取复星系族集团2011-2020年的相关数据，测算复星系族集团的内部资本市场运作效率；将效率值与我国全部系族集团，以及实施了产融结合的民营系族集团进行对比分析。结果表明，在2011-2020年这10年中，复星系共有7年内部资本市场运作有效，且效率值明显高于我国全部系族集团的均值，本文总结了内部资本市场运作有效的经验，主要是产融结合提高了资金的使用效率以及深度产融结合推动了资本的配置作用；复星系共有3年内部资本市场运作处于无效的状态，进一步分析内部资本市场运作无效的原因，主要是由产融结合模式导致的风险、产融结合加剧了资源分配不均以及复星财务公司缺乏对系族集团成员上市公司的资金监管造成的。
根据以上分析，本文提出下一阶段，复星系族集团应提高金融企业协同效应、完善金融服务体系、规避潜在风险，同时优化资本配置、加强资金监管、强化监督机制，以此来优化产融结合模式，提高系族集团的内部资本市场运作效率，对我国其他系族集团制定产融结合战略，实现更高效的内部资本市场运作也具有一定的启示作用。

With the development of the economy and the increasing competition in the market, companies set up faction groups through mergers and acquisitions in order to improve their overall competitiveness. Thereafter, in order to improve the efficiency of capital allocation, internal capital markets were created, and the internal capital markets of the faction groups were able to alleviate the financing pressures, operational pressures and investment distortions they faced. At the same time, the high remuneration rate of the financial sector attracts a large number of real economy companies to participate in the market, and many faction groups integrate industrial and financial capital by setting up finance companies and holding equity in other unlisted financial enterprises, which affect the efficiency of the internal capital market of faction groups in different ways. This paper examines the efficiency of the internal capital market operation of the Fosun group through a case study, with a view to improving the efficiency of the internal capital market operation of the Fosun group and other family groups in China.
Based on the background of the development of the internal capital market of the faction group under the combination of industry and finance model, this paper selects the Fosun group as a case faction group and analyses the efficiency of the internal capital market of the Fosun group under the combination of industry and finance model, based on a review of relevant studies at home and abroad and a summary of the main concepts and theories. This paper summarises the process of building the internal capital market of the Fosun group, the different models of combining industry and finance and their effectiveness, and the specific operation of the internal capital market of the Fosun group under the combined industry and finance model. The efficiency values were compared with all faction groups in China, as well as private faction groups that have implemented the combination of industry and finance. The results show that in the 10 years from 2011 to 2020, the internal capital market of Fosun was effective in seven years, and the efficiency values were significantly higher than the average values of all the faction groups in China. The paper summarizes the experience of effective internal capital market operation, mainly because the combination of industry and finance improved the efficiency of capital use and the deep integration of industry and finance promoted the allocation of capital. The internal capital market operation of the Fosun Group was ineffective in three years, further analysis of the reasons for the ineffectiveness of internal capital market operations in the Fosun group is mainly due to the risks caused by the combination of industry and finance, the unequal distribution of resources exacerbated by the combination of industry and finance and the lack of supervision of capital by Fosun's finance company over the listed companies of the Fosun group.
Based on the above analysis, this paper proposes that in the next stage, the Fosun group should improve the synergy effect of financial enterprises, improve the financial service system and avoid potential risks, as well as improve capital allocation, strengthen capital supervision and enhance the supervision mechanism. So as to improve the industry-financing combination model and improve the efficiency of the faction group's internal capital market operation, which will also serve as an inspiration for other faction groups in China to formulate an industry-financing combination strategy and achieve a more efficient internal capital market operation.
 

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