Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis
研究了1997年亚洲金融危机后韩国财阀集团内部通过股权投资的资本重新配置，发现资金从低增长流向高增长成员企业，帮助后者增加投资、提升盈利并减缓估值下降。
ABSTRACT This paper examines capital reallocation among firms in Korean business groups () in the aftermath of the 1997 Asian financial crisis, and the consequences of this capital reallocation for the investment and performance of firms. We show that transferred cash from low‐growth to high‐growth member firms, using cross‐firm equity investments. This capital reallocation allowed chaebol firms with greater investment opportunities to invest more than control firms after the crisis. These firms also showed higher profitability and lower declines in valuation than control firms following the crisis. Our results suggest that chaebol internal capital markets helped them mitigate the negative effects of the Asian crisis on investment and performance.