An Empirical Analysis on the Efficiency of Internal Capital Markets among Japanese Firms

本研究以债务的作用为中心，探讨公司治理制度与内部资本市场效率之间的关系。对日本企业的回归分析结果表明，债务水平越高，内部资本市场的效率越低。这一结果意味着，债务对投资水平选择的有利影响可能会被这种不利影响所抵消。研究还表明，与有效治理体系相关联的管理者薪酬与事后公司绩效正相关。

This research project investigates the relationship between corporate governance system and internal capital markets efficiency, focusing on the role of debt. Our regression results on Japanese firms indicate that higher levels of debt are associated with a decrease in the efficiency of the internal capital markets. This result implies that the beneficial effect of debt on the choice of investment level might be canceled out by this harmful effect for diversified firms. Our research also shows that managerial compensation associated with efficient governance system has a positive correlation with ex post firm performance.