Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea
Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea
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消失的内部资本市场：来自韩国多元化企业集团的证据
DOI：
10.2139/ssrn.1081244
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
Hyun
中科院分区：
文献类型：
--
作者：
Sang;Kwangwoo Park;Hyun
本文研究了金融危机的爆发如何影响多元化企业集团内部企业资本市场的运作。我们发现，韩国企业集团（财阀）内活跃的内部资本市场减弱了集团附属公司的财务约束，使他们能够在20世纪90年代初进行有效的资本配置。然而，1997年金融危机后，这些市场几乎无法发挥作用。相反，我们观察到公共债务市场作为内部资本市场的替代品。我们的研究结果表明，财阀企业在危机后为实现更健康的金融结构而进行的协调努力是以牺牲投资效率为代价的。
This paper examines how the onset of a financial crisis affects the operation of internal capital markets among firms within a diversified business group. We find that active internal capital markets within Korean business groups (chaebols) attenuate the financial constraints of the group-affiliated firms, allowing them to make efficient capital allocations during the early 1990s. However, these markets barely function after the financial crisis of 1997. Instead, we observe public debt markets serving as a substitute for internal capital markets. Our results suggest that chaebol firms' coordinated attempts to achieve healthier financial structures in the wake of the crisis have taken place at the expense of investment efficiency.