The Strategic Impact of Resource Flexibility in Business Groups
研究企业集团内部资源灵活性如何影响竞争策略，发现内部资源充足时集团可能退出市场或向子公司注资，从而改变市场进入威慑效果。
The strategic impact of resource flexibility in business groups Giacinta Cestone∗ Chiara Fumagalli∗∗ Barcelona Economics WP n.49 We show that in business groups with efficient internal capital markets resources may be channelled to either more or less profitable units. Depending on the amount of internal resources, a group may exit a market in response to increased competition, or channel funds to the subsidiary operating in that market. This has important implications for the strategic impact of group membership. Affiliation to a monopolistic subsidiary can make a cash-rich (poor) stand-alone more (less) vulnerable to entry deterrence. Also, resource flexibility within a group makes subsidiaries’