Ownership, Internal Capital Market, and Financing Costs

被引：16

作者：

Tan, Wenhao ^{[1
]}

Ma, Zhenpeng ^{[1
]}

机构：

[1] Tongji Univ, Sch Econ & Management, Room 448,North Tongxin Bldg,4800 Cao An Rd, Shanghai 201804, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2016年 / 52卷 / 05期

关键词：

ownership; internal capital market; financial coordination; financing costs; BUSINESS GROUPS; TRADE CREDIT; BANK DISCRIMINATION; EMERGING MARKETS; CHINA; GROWTH; FIRMS; DETERMINANTS; CONSTRAINTS; INVESTMENT;

D O I：

10.1080/1540496X.2016.1138815

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The development of China's financial markets lags behind its economic development, which has set constraints for firms to obtain external finance. In practice, Chinese firms employ an internal capital market to mitigate financial constraints. We provide a case study and empirical analysis to investigate both the determinants for the establishment of an internal capital market and its economic consequence. We find that private enterprises (PEs) have greater motivation to establish an internal capital market and to allocate capital by the market-oriented way. In addition, we find that the internal capital market can help firms reduce financing costs, especially in PEs.

引用

页码：1259 / 1278

页数：20

共 38 条

[1] Financial packaging of IPO firms in China [J].