Market Structure, Internal Capital Markets, and the Boundaries of the Firm
研究内部资本市场的建立如何引发产品市场的战略反应，进而影响企业边界。内部资本市场提供事后资源灵活性，但带来事前承诺成本；独立企业则相反。整合可能阻止对手进入，但也可能招致掠夺性融资。
ABSTRACT We study how the creation of an internal capital market (ICM) can invite strategic responses in product markets that, in turn, shape firm boundaries. ICMs provide ex post resource flexibility, but come with ex ante commitment costs. Alternatively, stand‐alones possess commitment ability but lack flexibility. By creating flexibility, integration can sometimes deter a rival's entry, but commitment problems can also invite predatory capital raising. These forces drive different organizational equilibria depending on the integrator's relation to the product market. Hybrid organizational forms like strategic alliances can sometimes dominate integration by offering some of its benefits with fewer strategic costs.