The Impact of Business Groups on Investment Efficiency: Does Capital Allocation Matter?
The Impact of Business Groups on Investment Efficiency: Does Capital Allocation Matter?
复制标题
业务集团对投资效率的影响：资本配置重要吗？
DOI：
10.1080/1540496x.2018.1509791
复制
发表时间：
2018-08
影响因子：
4
通讯作者：
Zhenpeng Ma
中科院分区：
文献类型：
--
作者：
Wenhao Tan;Shuangli Yu;Zhenpeng Ma
Using data on internal capital markets in China, this paper examines the influence of internal capital markets on investment efficiency in business groups. The empirical results show that using internal capital markets can alleviate over invests within business groups. In addition, it can alleviate deficiencies in R&D investment in business groups effectively. The impact of internal capital markets on investment efficiency varies between state-owned enterprises and private enterprises. At private enterprises, internal capital market operations significantly alleviate overinvestment and promote R&D investment. However, at state-owned enterprises, internal capital market operations increase overinvestment and reduce investment in R&D.
登录
查看更多内容
DOI：
10.2139/ssrn.56108
发表时间：
1998-01
期刊：
S&P Global Market Intelligence Research Paper Series
影响因子：
--
作者：
R. Rajan;H. Servaes;Luigi Zingales
通讯作者：
R. Rajan;H. Servaes;Luigi Zingales
DOI：
10.1111/j.1540-6261.2008.01328.x
发表时间：
2008-04
期刊：
The Journal of Finance
影响因子：
--
作者：
Vojislav Maksimovic;G. Phillips
通讯作者：
Vojislav Maksimovic;G. Phillips
影响因子：
1.9
作者：
E. Jackson;K. J. Cohen;R. Cyert
通讯作者：
E. Jackson;K. J. Cohen;R. Cyert
影响因子：
1.1
作者：
La Porta, R;Lopez-De-Silanes, F;Vishny, R
通讯作者：
Vishny, R
DOI：
10.3386/w2387
发表时间：
1987-09
期刊：
NBER Working Paper Series
影响因子：
--
作者：
Steven M. Fazzari;Bruce C. Petersen;R. Hubbard
通讯作者：
Steven M. Fazzari;Bruce C. Petersen;R. Hubbard