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| Operational Mechanism and Economic Consequences of ICM: Evidences from CNPC Treasury |
| ZHANG Rui-Jun, SUN Yin |
| Renmin University of China, Beijing, China |
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Abstract In this paper, based on the ICM theory, taking the cash management innovation process of CNPC as the research object, we analyze the mechanism of system innovation, process innovation and IT innovation in details, and make empirical study on from the perspectives of system asymmetry, financing constraint, financing cost and capital transmission efficiency. The results indicate that the innovation and integration of system, process and IT improves ICM economic consequences and solves the current internal capital problem of Chinese groups.
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Received: 06 July 2012
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2012, Vol. 9 
