Financial Capacity and Discontinuous Investment: Evidence from Emerging Market Multibusiness Firms
利用秘鲁鱼加工企业的日度部门数据，通过政府生产禁令造成的断点回归，发现受管制部门投资减少后，非管制部门投资显著增加（超过均值30%），且外部融资成本高或债权人监督强时更明显，这种资金再配置提升了非管制部门的出口价值。
I provide a new characterization of internal capital markets in an emerging economy using daily divisional data on all Peruvian fish-processing firms. A regression discontinuity model exploiting government production bans on regulated divisions ("fishmeal") shows that the increased investment in the nonfishmeal divisions due to the bans is substantial (over 30% of the mean value), after controlling for productivity. The redeployment of financial capacity into nonfishmeal investments is particularly sharper when external financing is more costly and when firms are more closely monitored by creditors. The value-creating nature of this redeployment is supported by its positive effects on nonfishmeal exports. The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.