Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from Belgian Firms
研究比利时企业，发现通过内部资本市场融资的企业比依赖银行借款的企业受融资约束更小，但内部盈余在集团内转移的假设未获支持。
In Belgium, financial and industrial groupings play a crucial role in the accumulation and allocation of capital in the economy. In this paper, it is hypothesized that Belgian firms for which investment is partly financed on an internal capital market, will not be subject to financing constraints to the same extent as firms which have to borrow from banks. Moreover, it is hypothesized that firms belonging to a group, transfer internal surpluses of funds to other group members by investing in financial assets. An empirical analysis confirms the first hypothesis, but rejects the second hypothesis.