Internal Capital Markets: Benefits, Costs, and Organizational Arrangements
通过比较制度分析，探讨内部资本市场的潜在收益与成本，指出其仅在有限条件下能为业务线增值，并解释多元化企业如何通过组织安排提升效率。
Diversification not only internalizes transactions of goods and services, but it also internalizes transactions of capital. Hence, the value of diversification will depend, inter alia, on whether internal capital markets are relatively efficient or inefficient. This essay reviews and discusses the possible benefits and costs of internal capital markets by conducting a careful comparative institutional analysis. The essay concludes that internal capital markets can add value to lines of business only under a limited number of circumstances. Some recent developments in the organization of internal capital markets in diversified firms can be understood as attempts to increase their efficiency.